Tagged: irs

March 6, 2025 @ 10:10 am By Omar Faridi  |  

On March 4, 2025, the U.S. Senate voted 70-27 to repeal an IRS rule that would have potentially imposed very stringent reporting requirements on decentralized finance (DeFi) platforms, categorizing them as “brokers” under existing US tax laws. This decision, driven by a bipartisan coalition and… Read More

January 4, 2025 @ 10:06 am By JD Alois  |  

Several days ago, the US Internal Revenue Service (IRS) issued a statement providing temporary relief on crypto cost-basis reporting rules. While a good thing for digital asset investors, the change is only until December 31, 2025. There has been much jostling between policymakers as to… Read More

December 31, 2024 @ 5:23 pm By JD Alois  |  

The Internal Revenue Service (IRS) has posted final regulations regarding information reporting by brokers who affect transactions of digital assets. These regulations become effective on February 28, 2025. Last week, a bipartisan group of US House of Representatives members forwarded a letter to the US… Read More

December 30, 2024 @ 9:43 am By JD Alois  |  

On Friday, Representative Patrick McHenry, the outgoing Chairman of the House Financial Services Committee, sent a parting shot to Secretary of the Treasury Janet Yellen regarding her profound failure to enable the emerging digital asset sector. The letter was signed by both Republicans and Democrats, displaying a… Read More

December 10, 2024 @ 3:21 pm By Omar Faridi  |  

Taxbit noted that the IRS has released an updated draft, but “likely final,” version of Form 1099-DA. According to the update shared by Taxbit, the revised form includes one primary update to the prior draft released earlier this year that “aims to streamline compliance for… Read More

August 10, 2024 @ 11:01 am By Tony Zerucha  |  

Tax lawyer David W. Klasing warns the IRS anticipates a surge in cryptocurrency-related tax evasion cases. That is driven by anonymity and decentralization, which complicate the ability to track income and enforce laws. “The IRS expects a rise in crypto tax evasion cases as taxpayers file their… Read More

August 2, 2024 @ 8:36 am By Omar Faridi  |  

IRS-Criminal Investigation, the US Department of Justice, and the Federal Bureau of Investigation in coordination with the German Federal Criminal Police Office (BKA) and the Attorney General’s Office in Frankfurt, reportedly seized the domain for online crypto wallet Cryptonator for allegedly failing to have “appropriate”… Read More

April 20, 2024 @ 8:21 pm By Michael Wong  |  

The Internal Revenue Service (IRS) is currently seeking public feedback on a proposed new form, 1099-DA, which is designed to report proceeds from digital asset transactions conducted by brokers, set for introduction in 2025. This initiative marks a significant step towards the formalization of tax… Read More

January 18, 2024 @ 6:05 pm By Omar Faridi  |  

The Treasury Department and Internal Revenue Service have recently issued an announcement informing businesses that they do “not have to report the receipt of digital assets the same way as they must report the receipt of cash until Treasury and IRS issue regulations.” The Infrastructure… Read More

November 21, 2023 @ 5:09 pm By JD Alois  |  

As was reported earlier today, Binance has settled charges in a comprehensive manner, paying total penalties of $4.3 billion, described as the largest settlement of its kind ever. Binance is noted as the largest crypto exchange in the world, handling approximately 60% of centralized digital… Read More

September 23, 2023 @ 10:42 am By Omar Faridi  |  

Roger M. Brown,  the Global Head of Tax Strategy at Chainalysis, notes that on August 25, 2023, the U.S. Internal Revenue Service released proposed regulations that would require domestic and foreign exchanges and other types of “brokers” who “effect sales” of digital assets to (1) collect… Read More

August 25, 2023 @ 11:19 pm By Tony Zerucha  |  

New rules by the Internal Revenue Service (IRS) may have important implications for those who earn revenue through staking cryptocurrency, one tax lawyer warned this week. According to the Tax Law Offices of David W. Klasing, IRS Revenue Ruling 2023-14 states that staking rewards will now… Read More

August 25, 2023 @ 12:06 pm By JD Alois  |  

The US Department of Treasury and the Internal Revenue Service (IRS) have announced proposed rules for the handling of digital assets and the sale and exchange of crypto. In a public statement, the two federal entities said the move was an effort to “crackdown on… Read More

July 20, 2023 @ 5:37 pm By JD Alois  |  

Puerto Rico is unique in the fact it is part of the United States yet residence do not pay any federal taxes. It is part of the concept of taxation without representation and Puerto Rico does not have any voting members in Congress. This fact,… Read More

May 6, 2023 @ 1:50 pm By Omar Faridi  |  

Yieldstreet, the private market investing platform, and Equity Trust, which claims to be one of the largest self-directed IRA custodians in the U.S., announced a strategic partnership that will make it easier “to add alternative investments to retirement accounts.” Starting now, Equity Trust’s clients “can… Read More

March 21, 2023 @ 9:13 pm By Omar Faridi  |  

There’s new regulation requiring individuals using digital payment apps to report their earnings – over $600 – directly to the IRS. This change significantly impacts business owners, side hustlers, and gig economy workers. These individuals must file Form 1099-K, creating an extra step during tax… Read More

November 7, 2022 @ 10:51 am By JD Alois  |  

A report from last week indicates that the Internal Revenue Service (IRS) is pursuing “hundreds” of criminal investigations regarding crypto. According to Bloomberg, there has been a shift in recent years away from money laundering to people being paid in crypto, migrating it to fiat,… Read More

September 23, 2022 @ 6:00 pm By JD Alois  |  

The US Internal Revenue Service (IRS), the tax authority of the US, has received a Court Order to be able to summons records pertaining to US taxpayers who may have failed to report and pay taxes on crypto transactions. According to the Department of Justice… Read More

August 9, 2022 @ 10:45 am By JD Alois  |  

Criticism from various corners of the political ring continues to lament the passing of the Inflation Reduction Act – legislation that even supporters are describing as a climate bill and not doing much to mitigate inflation. SBE Council President & CEO Karen Kerrigan has issued… Read More

February 14, 2022 @ 10:57 am By Omar Faridi  |  

Stephen Palley. Partner, Anderson Kill. Chair, Technology, Media & Distributed Systems Group, noted that an FBI agent once told (with “false modesty to be sure”) that their biggest breaks often “come not from law enforcement genius but from mistakes by their targets.” Palley further noted… Read More