Tagged: irs

February 11, 2022 @ 5:43 pm By JD Alois  |  

In a bit of good news for the crypto mining sector and staking platforms, it is being reported that crypto miners and stakers will not have to report transactions to the US Internal Revenue Service (IRS). The news was posted by Bloomberg who stated it… Read More

February 9, 2022 @ 8:35 am By Omar Faridi  |  

On August 2, 2016, Bitfinex – notably one of the largest virtual currency exchanges in the world – experienced a massive security breach. In a span of fewer than two hours, around 120,000 Bitcoins (BTC) had been stolen from Bitfinex and spread across 2,075 different… Read More

February 8, 2022 @ 11:58 am By Omar Faridi  |  

The US Internal Revenue Service (IRS) announced that it will transition away from using a third-party service for facial recognition in order to help authenticate individuals creating new online accounts. The transition will take place over the coming weeks in order to “prevent larger disruptions… Read More

February 4, 2022 @ 3:20 pm By Martin Cheek  |  

The role that cryptocurrency plays in money laundering is hotly debated. Some say that the anonymity afforded by currencies like Bitcoin makes it easier for criminals to shift funds undetected, while others argue that the blockchain and it’s unchangeable, publicly visible ledger actually provide far… Read More

January 27, 2022 @ 8:58 am By Omar Faridi  |  

Criminal investigators at the US Internal Revenue Services (IRS) say that virtual currencies and non-fungible tokens (NFTs) is an industry segment that can be exploited by actors engaging in fraudulent activities. These abusive activities may include actions involving money laundering, market manipulation, and even attempts… Read More

January 10, 2022 @ 9:41 am By JD Alois  |  

At least one former enforcement executive from the Securities and Exchange Commission (SEC) is predicting the demise of crypto – or at least a significant setback for digital assets. John Reed Stark, former head of the SEC’s Internet Enforcement team says that new rules from… Read More

December 28, 2021 @ 5:55 pm By JD Alois  |  

If you are a criminal that steals from others, accepts bribes, or generates income from other malfeasant activities (like dealing drugs), you put yourself at risk of state/local and federal law enforcement authorities. But if you don’t get caught you are still on the hook… Read More

August 2, 2021 @ 11:17 pm By Omar Faridi  |  

Jake Chervinsky, the General Counsel at Compound Finance, recently shared insights and his take on the deal with the recently proposed US infrastructure bill. 1/ 🚨 Here's the deal with the US infrastructure bill: A new provision has been added that expands the Tax Code's… Read More

July 30, 2021 @ 11:50 am By JD Alois  |  

President Joe Biden published more details on the pending infrastructure deal while indicating he intends to offset the substantial cost by various fees including “strengthening tax enforcement when it comes to cryptocurrencies.” In a speech, President Biden said: “This agreement will help ensure that America… Read More

May 24, 2021 @ 2:14 pm By JD Alois  |  

The Innovative Lending Platform Association (ILPA) has joined with multiple traditional financial services associations to advocate on behalf of implementing an API structure to mitigate fraud on lending. In a letter addressed to the Secretary of the Treasury, the Commissioner of the IRS and the… Read More

May 13, 2021 @ 4:01 pm By JD Alois  |  

Binance, the world’s largest crypto exchange is said to be under investigation by the US Department of Justice and the Internal Revenue Service (IRS). According to Bloomberg, government officials are digging into possible money laundering and tax infractions. The report cited individuals with knowledge of… Read More

April 6, 2021 @ 9:17 pm By Omar Faridi  |  

A federal court in the District of Massachusetts recently entered an order that authorizes the US Internal Revenue Service (IRS) to serve a John Doe summons on Circle Internet Financial Inc., “or its predecessors, subsidiaries, divisions, and affiliates, including Poloniex LLC.” According to a release,… Read More

March 8, 2021 @ 2:57 pm By JD Alois  |  

The Internal Revenue Services (IRS) is in midst of tax season, typically a time of anxiety for most taxpayers as they scramble to package the litany of documents demanded by the IRS to complete federal taxes. Over the years, the IRS has issued multiple statements… Read More

February 17, 2021 @ 1:53 pm By Omar Faridi  |  

San Francisco-based crypto exchange Coinbase says it’s focused on helping its customers during tax season (in the United States) Lawrence Zlatkin, Vice President, Tax, Coinbase, notes that for the second consecutive year, taxpayers will be asked on their tax return forms questions regarding digital currencies…. Read More

January 20, 2021 @ 9:48 pm By Omar Faridi  |  

Chicago-based Avant, a Fintech firm that aims to give everyday Americans “access to the financial products they deserve,” notes that millions of US residents continue to struggle through the COVID-19 pandemic. However, a $900 billion relief bill was recently signed into law (toward the end… Read More

July 12, 2020 @ 1:41 pm By Omar Faridi  |  

Gary Guthrie from ConsumerAffairs notes that the July 15, 2020 tax-filing deadline for US taxpayers is approaching, and the Internal Revenue Service (IRS) plans to ensure that US residents have the appropriate tools and services to assist them with filing taxes and meeting their obligations…. Read More

June 8, 2020 @ 3:52 pm By Omar Faridi  |  

Digital asset exchange Coinbase confirms that it experienced an outage on June 1, 2020, that reportedly affected the operations of Coinbase.com (mainly for regular or retail traders), Coinbase Pro for professional or institutional traders, and it also impacted the exchange’s mobile applications. Not all cryptocurrency… Read More

April 13, 2020 @ 11:36 am By JD Alois  |  

A report today indicates that checks to individuals as part of the Coronavirus relief program will start being deposited in bank accounts later this week. Economic Impact Payments According to Fox Business, a Senior Treasury Official says that between $50 million and $60 million will… Read More

April 11, 2020 @ 1:10 pm By Omar Faridi  |  

The US Internal Revenue Service (IRS) confirmed on April 10, 2020 that it would be providing a tool for eligible American citizens and residents who don’t normally submit tax return documents, so that they can get access to government Coronavirus (COVID-19)-related stimulus funds. Soon after… Read More

February 28, 2020 @ 4:56 pm By JD Alois  |  

The US Internal Revenue Service (IRS), the agency that handles taxation for the population, has scheduled a “summit” with cryptocurrency companies taking place next week on Tuesday, March 3rd. This is according to a report in Bloomberg Tax. The agency plans to engage and discuss… Read More