Tagged: irs

November 8, 2026 @ 2:27 am By Omar Faridi  |  

The Internal Revenue Service (IRS) has issued its annual inflation adjustments covering nearly 70 tax provisions for the 2027 tax year. These updates, detailed in Revenue Procedure 2026-35 and announced on November 5, 2026, raise income thresholds and deduction amounts to reflect rising prices. The changes… Read More

November 1, 2026 @ 4:36 pm By JD Alois  |  

The Federal Bureau of Investigation (FBI), the US Secret Service, and the IRS have all said North Korea is behind the massive Binance hack, in which hackers stole over $6 billion in crypto and stablecoins. Yesterday, the FBI Cyber Branch said the North Korean TraderTraitor… Read More

October 26, 2026 @ 10:11 pm By Omar Faridi  |  

Federal authorities in Connecticut have accused a Meriden tax preparer of systematically inserting fictitious cryptocurrency and stock losses onto clients’ returns even though the taxpayers never held the assets in question. The allegations form one element of a wider set of charges that also encompass… Read More

October 4, 2026 @ 4:01 pm By Omar Faridi  |  

With roughly two weeks remaining before the October 15, 2026 cutoff, US holders of digital assets who requested more time earlier in the year face a final chance to submit their 2025 federal returns. That date marks the end of the automatic six-month extension available… Read More

September 8, 2026 @ 7:07 am By Omar Faridi  |  

Federal prosecutors have secured a guilty plea from a Mexican citizen accused of helping move millions of dollars in narcotics profits out of the United States through digital assets. Carlos Erick Vazquez Gonzalez, 48, admitted on September 4, 2026, to taking part in a money-laundering… Read More

July 31, 2026 @ 5:28 pm By Omar Faridi  |  

The US Internal Revenue Service (IRS) has issued a fresh warning to cryptocurrency owners about a sophisticated mail-based fraud campaign. Criminals are circulating counterfeit notices that closely resemble official agency correspondence, with the goal of tricking recipients into surrendering personal details or digital assets. According… Read More

April 23, 2026 @ 11:12 am By Omar Faridi  |  

Digital asset exchange Kraken revealed it issued more than 56 million Form 1099-DA tax documents to the IRS for the 2025 tax year. The vast majority of these filings—nearly one-third for transactions under $1, over half for $10 or less, and three-quarters below $50—highlight how… Read More

November 14, 2025 @ 2:00 pm By Tony Zerucha  |  

Government action, including the shutdown and a welcome IRS decision, along with market analysis and stablecoin talk, dominated Web3 minds this week. Growing Ethereum stablecoin volume a good sign “While we continue to see some negative sentiment around ETH due to its decline from nearly… Read More

September 24, 2025 @ 4:46 pm By Omar Faridi  |  

The Internal Revenue Service (IRS) has released a draft of the January 2026 revision of Form W-9, a critical document used to collect taxpayer identification information. As explained in a blog post by Taxbit, this update introduces significant changes aimed at addressing the evolving ecosystem… Read More

July 1, 2025 @ 10:44 am By Tony Zerucha  |  

Post-pandemic economic strain and increased digitization are two reasons behind a years-long surge in tax scams, a new report from the Kaplan Group suggests. The Kaplan Group analyzed 1,384 tax scam reports submitted to the Better Business Bureau. So far this year, tax scams have… Read More

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