Robinhood’s Bitcoin holdings could reshape the crypto landscape by supercharging the influence of retail investors and possibly creating new market risks. In a swift and intriguing turn of events, a previously enigmatic Bitcoin (BTC) address managed to catapult itself to the esteemed position of the third-largest holder of BTC. As reported by Cointelegraph on Aug.…
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The US Department of the Treasury and Internal Revenue Service (IRS) on Friday released new proposed regulations that would require the brokers of digital assets to report certain sales and exchanges in an effort to crack down on tax cheats, as well as to assist law-abiding taxpayers know how much they owe…. Read More: US…
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The crypto advocacy group’s suggestions included a de minimis exemption for crypto transactions and having the IRS provide guidance on block rewards, airdrops and hard forks. Cryptocurrency advocacy group Coin Center has provided suggestions for United States lawmakers to consider in potential legislation related to the taxation of digital assets. In an Aug. 21 letter…
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The U.S. Internal Revenue Service (IRS) has issued a decree stating that American citizens drawing income from cryptocurrency staking services must categorize the value of those digital assets as gross income, the moment they officially take possession of the staking reward. IRS Clarifies Cryptocurrency Staking Income, Leaves Questions Unanswered Under fresh tax directives from the…
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The U.S. tax department will be requiring taxpayers to count staking rewards as gross income at the time they gain “dominion” over the tokens. United States crypto investors must report crypto staking rewards as gross income in the year it was received, according to a new ruling from the country’s top tax authority. On July…
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A couple who filed a lawsuit over how staked Tezos tokens were taxed has gone to appellate court after refusing to accept a refund check from the IRS. Oral arguments began on July 26 for an appeals case on a complaint a Tennessee couple filed against the United States Internal Revenue Service (IRS) on calculating…
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Cryptocurrency exchange Kraken has been ordered by a judge to submit a vast amount of user information to the Internal Revenue Service (IRS) for an investigation into potential tax evasion. The United States District Court for the Northern District of California issued the order on Friday, stating that Kraken must provide account and transaction details to the IRS to determine whether…
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Kraken is required to provide details of users who engaged in transactions exceeding $20,000 within a calendar year. The United States District Court for the Northern District of California has ordered crypto exchange Kraken to turn over account and transaction information to the Internal Revenue Service (IRS). The agency said it needed the information to…
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Kraken, the San Francisco-headquartered digital currency exchange, has received a court order from a U.S. judge requiring the release of customer data to the Internal Revenue Service (IRS). The court filing, submitted on Friday, states that the IRS is seeking details pertaining to accounts that registered an annual trading activity of $20,000 or higher during…
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In an interview this week, Ron DeSantis, the Republican governor of Florida and a presidential candidate, revealed his support to eliminate several federal agencies should he win the general election. Among the entities he mentioned were the U.S. departments of Education, Commerce and Energy, and the Internal Revenue Service (IRS). If Elected, DeSantis Administration Would…
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