Textbook Tax presents its weekly tax news update. The following tax articles cover the week of July 22, 2019 through July 28, 2019. The tax articles presented represent my favorites in tax news for the week. Please comment any tax news stories you found interesting for the recent week. Tax News for July 2019 This week in tax news focuses on cryptocurrency tax deficiencies, carbon tax bill momentum, the tax-free holiday season, and President Trump's efforts to stop the release of his tax return! Period: July 22- July 28 Article Title: The IRS is going after some cryptocurrency holders for back taxes Summary: More than 10,000 taxpayers will receives letters from the IRS indicating tax deficiencies relating to virtual currency transactions The type of tax on cryptocurrency depends on the manner in which you interact with the virtual currency For those who mine the cryptocurrency, you must report the FMV at date of receipt in gross income For those who trade
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