Tagged: irs

BTC and other Cryptos Not a Safe Haven for Criminals, Officials Claim After Seizing $3.6B in Crypto Stolen in Bitfinex 2016 Hack

Safe Secure Vault West

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

Crypto Miners, Staking Platforms Won’t Have to Report Transactions to IRS: Report

IRS Internal Revenue Service Bitcoin Cryptocurrency

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

IRS to Move Away from Using Third-Party Verification involving Facial Recognition

Bust Sculpture Paris Rodin France Art Face

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

What the Investigation Into Binance Means for Money Laundering

Sherlock Holmes Detective Research Investigation Small

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

Financial Crime: IRS Claims that Cryptocurrencies and NFTs Can Easily be Exploited by Bad Actors

Bitcoin Research Investigate Scrutiny

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

Former SEC Official Predicts End of Businesses Accepting Cryptocurrency, Labels Crypto a “Menacing Cancer”

unhappy sad deflated balloon disappointed let down demise fail 1

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

If You Are a Criminal, the IRS Wants a Cut of Your Illicit Gains

Throw Shade Question Huh What Bewildered Irritated

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

Jake Chervinsky, General Counsel at Compound Finance, Shares Insights on Newly Proposed Infrastructure Bill

Ben Franklin US Capitol Washington DC

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

Biden Administration Looks to Help Pay for Infrastructure Plan with Tax Enforcement of Cryptocurrency Transactions

Joe Biden American Rescue Plan 2020

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

The Innovative Lending Platform Association Joins with Traditional Financial Services Associations to Advocate for API to Prevent Loan Fraud

Find Search Seek Money Magnify Scrutiny Dollar

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

Binance Under Investigation in the US: Report

Bitcoin Research Investigate Scrutiny

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

Court Enters Order Authorizing IRS to Serve John Doe Summons on Fintech Circle to Obtain Info on US Taxpayers’ Crypto Transactions

IRS Internal Revenue Service Bitcoin Cryptocurrency

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

Operation Hidden Treasure Initiative by IRS to Uncover Unreported Crypto Profits: Report

Hunt Hound Horse jason wolf unsplash

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

Coinbase Recommends Using CoinTracker, a Free Tool for Calculating Taxes on Cryptocurrency Transactions

IRS Internal Revenue Service

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

Fintech Avant, which Gives Americans Access to “Financial Products they Deserve,” Explains what You Need to Know About Stimulus Checks

Social Distancing COVID 19 Coronavirus

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

Bitcoins Used to Pay for Products are Taxable Income, Wages Paid in Virtual Currency are Subject to Witholding, Turbo Tax Explains

IRS Internal Revenue Service Bitcoin Cryptocurrency

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

Coinbase Claims Most of its Trades Executed Smoothly via its APIs during Recent Outage as Bitcoin (BTC) Price Surged

Two Bitcoin

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

IRS: Coronavirus Payments Said to Start this Week

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

COVID-19 Relief: Payments Giant Square to Add Feature Allowing Users to Directly Access Stimulus Funds from their Cash App Accounts

Jack Dorsey Testifying

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

Send this to a friend