An early draft of the 2022 IRS tax form sees cryptocurrencies, stablecoins and nonfungible tokens grouped under a new “Digital Asset” category. American taxpayers will find a broader, more defined category encompassing cryptocurrencies and nonfungible tokens (NFTs) in their 2022 IRS tax forms. The draft bill released by the Internal Revenue Service features a well-defined…
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IRS rules weren’t ready for the Ethereum upgrade. It’s unlikely to become the fiasco that taxpayers experienced when Bitcoin forked in 2017, but there are measures they can take to prepare for whatever the IRS decides. After much buildup and preparation, the Ethereum Merge went smoothly this month. The next test will come during tax…
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The Internal Revenue Service (IRS) has obtained a “court order authorizing summons for records relating to U.S. taxpayers who failed to report and pay taxes on cryptocurrency transactions.” The IRS commissioner commented: “The government’s ability to obtain third-party information on those failing to report their gains from digital assets remains a critical tool in catching…
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The Internal Revenue Service (IRS) has received authorization from a U.S. district judge to sniff out individuals who attempt to sidestep taxes on their cryptocurrency transactions. The order comes at a time when digital asset adoption is seeing a surge, and the number of crypto tax evaders is subsequently increasing…. Read More: IRS Can Now…
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The law enforcers like the IRS and FBI track Bitcoin with blockchain data and collaborate with private companies in an attempt to trace criminals and taxes. What happens with unreported cryptocurrency? Not reporting Bitcoin despite the obligation to do so may have severe consequences for individuals’ lives and finances. The fine for making an incorrect…
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The Internal Revenue Service is hiring a fleet of new agents. And they’re probably coming for you — regardless of your income level. The Inflation Reduction Act, signed into law this month by President Joe Biden, empowers the IRS with nearly $80 billion in new funds. The world’s most powerful tax collection agency is using…
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BTC’s $335 million options expiry has become a death trap for bulls, and increased legal action by the SEC and IRS against crypto companies is adding to the sell pressure. Bitcoin (BTC) briefly broke above $25,000 on Aug. 15, but the excitement lasted less than an hour and was followed by a 5% retrace in…
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Major crypto exchange Coinbase faces a new class action suit alleging the company unauthorizedly transfers and freezes funds and locks consumers out of their accounts for extended periods. Meanwhile, the US Internal Revenue Service (IRS) has been granted permission to look into the customers of crypto prime dealer SFOX Inc., while the US Securities and…
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In a tax-related effort, the US Internal Revenue Service (IRS) is asking permission to look into the customers of crypto prime dealer SFOX Inc. and its partner. The service responsible for collecting taxes is seeking to do just that – collect taxes, but this time it’s searching to identify the platform’s crypto customers, presumably those…
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