Tagged: irs

Treasury, IRS Announce that Firms Do Not Have to Report Certain Transactions Involving Digital Assets Until Regulations Are Issued

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

Largest in History: CFTC, US Department of Treasury Reveal Details of Binance Settlement, Crypto Exchange to Exit US

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

Chainalysis Comments on US Proposed Tax Regulations which Outlines Information Reporting Obligations for Crypto Exchanges

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

New IRS Rules May Impact Crypto Staking Income

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

IRS, US Department of Treasury Announce Proposed Rules on Digital Assets Transactions and Taxes, Chair of House Financial Services Committee Slams the Draft Regulations

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

IRS Says it Has Identified 100 High Income People Claiming Residence in Zero Tax Domicile Puerto Rico

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

Investment Platform Yieldstreet, Equity Trust to Expand IRA Access to Private Markets

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

Han Park: CEO at Payment Labs Explains How they Address Tax Compliance Requirements for Clients

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

IRS Indicates Hundreds of Criminal Investigations Involving Crypto: Report

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

DOJ: IRS Gains Court Order to Pursue Taxpayers Who Failed to Pay Taxes on Crypto

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

Inflation Reduction Act: “Bill Does Nothing to Ease Inflation” While Super Sizing the IRS

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

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

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

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

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

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

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”

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

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

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