Bitcoin Daily: IRS Eyes Hiring Contractors To Help With Crypto Taxes; Phemex Exchange To Launch Subscriptions Instead Of Charging Per Trade


The IRS is seeking to have contractors assist in auditing digital currency tax returns, according to a post on CryptoTrader.Tax‘s website.

The agency reportedly wrote in an email sent to the platform that is is “engaging outside contractors to assist our Revenue Agents in calculating taxpayers’ gains or losses as a result of their transactions involving virtual currency.”

The services that the agency is requesting, per a document posted on the site, include “data ingestion and staging” as well as “error resolution and report revision” and “meeting participation and trial assistance,” among other work.

CryptoTrader.Tax is a tax software platform and is used by bitcoin as well as digital currency investors to manage their reporting. The firm said it would not seek to work on the contract, noting in the post that its “full focus is on serving our customers and making the cryptocurrency tax reporting process as seamless as possible.”

In other news, Phemex, a digital currency derivatives exchange, is moving to a subscription business model from its current trading fee structure, CoinDesk reported. Subscriptions begin at roughly $10 each month and will be paid via tether (USDT) stablecoin.

Phemex CEO Jack Tao said in a statement, “Phemex’s vision is in line with the Blockchain’s mission to facilitate financial transactions. We wish to usher in what we’ve dubbed the Era of Zero. By offering a low-cost monthly membership in exchange for zero-fee spot trading privileges, we empower individuals with all the advantages of our service in a cost-saving manner.”

Many big exchanges reportedly currently provide a flat fee to bigger customers. Phemex, however, is providing subscriptions to traders who might not meet the required volume or minimum deposits at other venues.

Phemex publicized a $3.5 million NGV Ventures-led Series A funding round earlier in 2020. The platform provides perpetual contracts, as it stands, on coins with the inclusion of ether and bitcoin.


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.