Key Highlights: New IRS Rules on Crypto Reporting Amid the implementation of aspects of the bipartisan infrastructure bill, signed into law by President Joe Biden, new regulations now mandate the reporting of crypto transactions exceeding $10,000 to the Internal Revenue…
KuCoin Settles for $5.3 Million, IRS Demands $24B from FTX, and Former CFTC Chair Calls for Crypto Regulation Clarity
Explore significant legal settlements, the IRS’s pursuit of FTX, and Muneeb Ali’s perspective on the future of Bitcoin in this concise overview. This article from CNBC Television delves beyond market analysis, offering insights into the evolving narrative and developer culture…
IRS and the Unintended Consequences for Software Developers in the Crypto Space
In a significant twist, the Internal Revenue Service (IRS) has set its sights on an unexpected target: Software developers. This move has been brewing since August 2021, when Congress passed the Infrastructure Investment and Jobs Act. The Evolution of the…
Senators Call on IRS to Expedite Measures Against Crypto Tax Evasion
In a bid to enhance tax compliance in the cryptocurrency landscape, a group of senators, spearheaded by Democrat Elizabeth Warren and Independent Angus King, is urging US tax officials to expedite the implementation of regulations. These regulations would require crypto…
Coinbase Alleges IRS Pursues ‘Unlimited Tracking’ Power in Proposed Tax Rules
In a concerted effort to tackle tax evasion in the realm of cryptocurrencies, a group of influential senators, led by Democrat Elizabeth Warren and Independent Angus King, is urging the Internal Revenue Service (IRS) to expedite its implementation of regulations.…
US Court Grants IRS Legal Authority to Access Coinbase Users’ Trading Data: A Detailed Examination of the Implications for Crypto Traders and Privacy
In a landmark ruling, a US federal court has granted the Internal Revenue Service (IRS) the legal authority to access trading data of users on Coinbase, a leading cryptocurrency exchange. The court stated that trading records on Coinbase are similar…
Treasury Department and IRS Seek Feedback on Tax Treatment of NFTs as Collectibles
The Treasury Department and Internal Revenue Service (IRS) have announced plans to solicit feedback regarding the tax treatment of nonfungible tokens (NFTs) as collectibles under tax law. The guidance also requests comments on NFTs as collectibles and outlines the IRS’s…
IRS 2022 Tax Guidelines to Treat NFTs as Cryptocurrencies and Stablecoins
The U.S. Internal Revenue Service (IRS) has provided NFT investors with greater clarity regarding how the assets are expected to be taxed. Same Tax Law For All Digital Assets According to the IRS’s tax year 2022 guide, all “digital assets,”…
IRS Clarifies Reporting for Crypto bought with Fiat
The United States IRS has explained that crypto investors who just bought digital assets utilizing fiat and didn’t sell during 2020 don’t have to report said exercises. The United States Internal Revenue Service, or IRS, has refreshed its FAQ segment…
IRS Issues Warning to Crypto Tax Defaulters
The internal revenue service (IRS), has begun to send out letters notifying crypto holders who owe the institution to pay their taxes in good time or face harsh penalties. The IRS is known for not mincing its words, and effecting…
Tornado Cash Receives $3.3M in Ether Following Poloniex Hack Theft
In a shocking incident that sent shockwaves through the cryptocurrency community, a skilled hacker managed to steal a staggering $125 million from Poloniex’s hot wallets in November. The audacious heist, which exploited vulnerabilities in the popular exchange’s security systems, showcased…
Bitcoin’s Long-Term Investors Now Possess More Than 76% of All BTC for the First Time. Details below
In the ever-fluctuating world of cryptocurrencies, Bitcoin, affectionately known as BTC, is currently undergoing a transformation that is sending shockwaves through the market. Regardless of whether you are an experienced BTC price speculator or a newcomer to the crypto arena,…
