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IRS Says US Taxpayers Are the Most Targeted for Pig Butchering Crypto Scams
16.11.2023
The Internal Revenue Service (IRS) has issued a warning about pig butchering cryptocurrency scams. IRS Criminal Investigation special agents stressed that these schemes are popping up across the globe, emphasizing: “U.S. taxpayers are currently the most targeted population for pig butchering...
Blockchain Association Pushes Back Against IRS Regulations on Crypto Brokers
14.11.2023
Source: Adobe / photoschmidt The Blockchain Association, a prominent crypto advocacy and lobbying group based in the US, has strongly opposed proposed Internal Revenue Service (IRS) regulations targeting crypto brokers. In a comment letter submitted on November 13, the association argued that...
Crypto Tax Proposal Open for Revision, IRS Officials' Questions Suggest
13.11.2023
While crypto representatives and lawyers cautioned the U.S. Internal Revenue Service (IRS) that its crypto tax proposal is a dangerous and improper overreach, questions posed by a panel of IRS and Department of the Treasury officials at a Monday hearing may reveal some flexibility in the rule...
IRS Holds Hearing on Digital Asset Reporting Regulations Following Pushback
13.11.2023
Following massive pushback from the crypto industry, the Internal Revenue Service (IRS) held a public hearing on Monday morning, chiefly discussing their recently proposed digital asset broker reporting regulations. A firestorm of comments Initially filed on August 29th, 2023, the IRS’ proposed...
IRS 'Raided' by Crypto Investors as Industry Puts Up Fight Against U.S. Tax Proposal
13.11.2023
The U.S. Internal Revenue Service (IRS) is gathering the final words now from a crypto sector that is arguing the agency's proposal for a digital-assets taxation regime is an existential threat to investor privacy and to decentralized crypto projects
Cryptocurrency Confiscation on the Rise: Impact of IRS’s Surveillance Plans
8.11.2023
Source: AdobeStock / Vitalii Vodolazskyi As the Internal Revenue Service (IRS) moves forward with its plans to enhance surveillance of cryptocurrency transactions, some worry that it might lead to a surge in crypto confiscations. A 2022 report published by the Department of Justice (DOJ)...
Kraken to Release User Data to IRS in Compliance with June Court Mandate
27.10.2023
Kraken will provide user data to the IRS after a legal battle over crypto tax reporting. Image by Michael O’Keene, Adobe Stock.Major U.S. cryptocurrency exchange Kraken will provide limited user information to the Internal Revenue Service (IRS) next month following a court order received...
Coinbase Raises Concerns Over Proposed IRS Tax Regulations on Crypto
13.10.2023
Coinbase, the largest cryptocurrency exchange, argues that the U.S. Internal Revenue Service (IRS) proposal regarding cryptocurrency tax regulations could potentially harm both the cryptocurrency industry and the privacy of American citizens....
Read More: Coinbase Raises Concerns Over Proposed...
7 Senators Urge Treasury and IRS to Rapidly Implement Crypto Tax Reporting Rule
13.10.2023
Seven U.S. senators have called on the Treasury Department and the Internal Revenue Service (IRS) to “implement the proposed crypto broker reporting rule as rapidly as possible.” The lawmakers stressed: “We are alarmed by the self-inflicted two-year delay for the rule’s implementation.” Senators...
Sweeping U.S. Tax Proposal Met With Boos From Crypto World
25.8.2023
An immediate burst of criticism from the crypto industry shows the U.S. Treasury Department’s new proposal on how to handle digital assets taxes will face a long road as it enters a months-long period of public comments and hearings
A Long-Awaited Crypto Tax Rule Was Written Months Ago. Why Isn’t it Proposed?
7.8.2023
Crypto investors and their brokerages are waiting for a U.S. tax rule that will completely overhaul how they report their cryptocurrency taxes, but the government isn’t offering any straight answers about its holdup even as prominent lawmakers clamor for the Treasury Department to finish the job
Crypto Staking in the Crosshairs: IRS Unveils New Tax Guidance
1.8.2023
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...
IRS: Crypto Staking Rewards Taxable Once Investor Gets Hands on Tokens
31.7.2023
A cryptocurrency investor rewarded assets for validation activity on a proof-of-stake network should count the rewards as income in the year the investor gets control of those tokens, according to a ruling issued Monday by the Internal Revenue Service (IRS)
US Authorities Accuse Former Security Engineer of Siphoning $9 Million From Defi Platform
13.7.2023
Authorities in the United States recently revealed that law enforcement has arrested Shakeeb Ahmed for “wire fraud and money laundering in connection with his attack on a decentralized cryptocurrency exchange.” The U.S. Attorney for the Southern District of New York suggested that...
US Judge Orders Kraken to Release Customer Data to IRS in Cryptocurrency Tax Probe
1.7.2023
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...
US Presidential Candidate Ron DeSantis Supports Plan to Eliminate IRS and ‘Break the Swamp’
30.6.2023
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,...
2024 US Presidential Candidate Ron DeSantis Says IRS Is ‘Corrupt,’ Insisting America Needs ‘Something Totally Different’
28.5.2023
Florida’s 46th Governor, Ron DeSantis, recently declared his candidacy for the U.S. presidency in 2024 and has since participated in several interviews. While conversing with Dana Loesch on The Dana Show, DeSantis criticized the U.S. Internal Revenue Service (IRS) as a “corrupt...
IRS, Chainalysis Helping Ukraine Track Russians Using Crypto to Evade Sanctions
14.5.2023
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...
IRS, Chainalysis and Ukraine Targeting Russian Crypto Sanctions Evaders Jointly
11.5.2023
The U.S. Internal Revenue Service and crypto investigations company Chainalysis are working with Ukraine to target Russian oligarchs using crypto to evade sanctions
8 smart strategies for effectively explaining a blockchain scaling solution
11.5.2023
Non-experts are much more likely to grasp the value of a scaling solution if it’s related to something they already understand