The agencies have worked together for years, but now their joint efforts are official as they plan to ramp up activity. A diverse group of United States enforcement agencies has made official its cooperation on crimes related to the darknet and digital currency with the announcement of the Darknet Marketplace and Digital Currency Crimes Task…
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Intuit is launching an operating system for generative artificial intelligence that will feature AI models trained on the company’s financial data. Fintech giant Intuit, whose product offerings include TurboTax, Mint, Credit Karma, Mailchimp and QuickBooks, recently expanded its software services platform to include GenOS, an operating system for generative artificial intelligence (AI) technologies. According to…
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The US Internal Revenue Service will deploy experts next month to four continents to combat cybercrime, with a particular focus on tax and financial crimes that use cryptocurrency. That is part of a pilot program the IRS announced last week where “cyber attachés” will be sent to Sydney, Bogota, Frankfurt and Singapore from June to…
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The U.S. Internal Revenue Service (IRS) said it’s working closely with Ukraine to help it trace crypto transactions of Russian sanctions evaders. The agency is providing the Ukrainians access to a Chainalysis tool as well as specialized training to Ukrainian law enforcement. IRS Offers Ukraine Tools From Chainalysis to Trace Russian Blockchain Transactions The criminal…
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A recently published study appears to advocate for the isolation of crypto assets from other tax deductions where losses are concerned. Researchers at Indiana University and the University of Maine recently published a study examining the current state of cryptocurrency tax law in the United States. The research concludes with recommendations for the Internal Revenue…
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On April 14, 2023, the Department of Justice (DOJ) for the Southern District of New York revealed that the hacker responsible for the Silk Road marketplace breach had been sentenced to a year in prison for wire fraud charges. James Zhong stole more than 50,000 bitcoin from the darknet marketplace (DNM) in September 2012. DOJ…
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Crypto investors in the US are finding themselves in tricky tax situations, with many of them still struggling with losses from last year’s market downturn and the many bankruptcies that occurred…. Read More: Crypto Holders Face Tricky Tax Situations as US Taxes Due Next Week – Here’s What You Need to Know Read more »Sign…
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A change to R&D tax rules means that a tech company could lose more than $1 million — but still be on the hook for hundreds of thousands in taxes. The new R&D law has overly broad language that states “any and all” software development must be amortized over five years if the development took…
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According to two sources close to FTX, Sam Bankman-Fried, the disgraced co-founder, gave his father, Stanford Law professor Joseph Bankman, millions of dollars. The funds are reportedly being used to pay for legal costs. The sources said that Bankman-Fried allegedly gave “at least $10 million” from the now-defunct quantitative trading firm Alameda Research to his…
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We don’t tax houses while they’re under construction, and we shouldn’t impose taxes on cryptocurrency while it’s staked. Gains accrued by staking cryptocurrency should not be treated as a taxable event. It only makes sense to tax such gains upon their conversion to legal tender currency. To do otherwise undermines a marquee environmental policy from…
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