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Chainalysis Hires Former IRS Criminal Investigations Chief Jim Lee
8.4.2024
In his new role, Lee will advise law enforcement and tax agencies on how they can better fight crypto crime with Chainalysis’ data
Fear of Retrospective IRS Regulation Changes Discourages Filing, Says Crypto Tax Expert
3.4.2024
Many cryptocurrency users have not filed their tax returns, fearing that the Internal Revenue Service (IRS) might change regulations after they submit their returns, according to a cryptocurrency tax expert. The expert stated that the IRS has the discretion to apply laws retroactively...
IRS ramps up crypto taxes: Experts hired, strengthen regulations
4.3.2024
In a moment when cryptocurrencies, stablecoins, and non-fungible tokens (NFTs) are gaining popularity, the IRS is playing catch up by implementing toughening tax regulations on crypto. To consider the intricacies and the continuing nature of the digital asset space, the IRS recently announced...
IRS Taps Binance.US, TaxBit Execs to Strengthen Crypto Tax Regulation Efforts
28.2.2024
The Internal Revenue Service (IRS) said on Tuesday that it hired two crypto industry executives — Sulolit “Raj” Mukherjee and Seth Wilks — to aid in digital asset reporting, compliance, and enforcement programs.
The post IRS Taps Binance.US, TaxBit Execs to Strengthen Crypto Tax Regulation Efforts...
Crypto Fraud-Accused Denver Pastor Preaches Finance in Zambia Just Days After Skipping U.S. Court
4.2.2024
A Denver pastor, accused of crypto-fraud, has been spotted in the Zambian capital just days after he reportedly failed to appear in court. The pastor, Eligio Regalado, said about half of the misappropriated $1.3 million went to the IRS. Denver Pastor’s Assets Frozen The Denver pastor accused...
Bitcoin Price Prediction: Hits $40,000 Amid ETF Moves & IRS Update
25.1.2024
In a market teeming with activity, Bitcoin’s latest surge to $40,000, marking a nearly 1% increase on Thursday, has investors and analysts revisiting their Bitcoin price predictions. This uptick comes amidst a flurry of significant developments: Chinese investors, spurred by stock market...
IRS Revises Digital Asset Question on Tax Forms
25.1.2024
The Internal Revenue Service (IRS) has revised the question about digital assets included on income tax forms. Moreover, the tax authority has added the question to four additional tax forms. “The question must be answered by all taxpayers, not just by those who engaged in a transaction...
US IRS Reminds Taxpayers to Report all Crypto-Related Income
24.1.2024
Source:Adobe The US Internal Revenue Service (IRS) has issued a reminder to all taxpayers to report any crypto-related income. The tax regulator has included a digital asset question on 2023 tax return Form 1040. The question asks taxpayers to report cryptos received in 2023 as a reward, award...
IRS Delays Enforcement of Digital Asset Reporting Rules, Awaiting Regulations
18.1.2024
On Tuesday, the U.S. Internal Revenue Service (IRS) and Treasury provided transitional guidance on digital asset reporting, postponing enforcement pending regulation issuance. IRS Temporarily Halts Enforcement of Digital Asset Reporting The U.S. Treasury Department and the Internal Revenue Service...
IRS Halts Enforcement of $10K Crypto Tax Reporting Rule Pending Further Regulation
17.1.2024
Source: Adobe / dennizn The US Treasury Department and Internal Revenue Service (IRS) have announced that businesses are not required to report the receipt of digital assets in the same manner as cash until specific regulations are issued. The decision by the two federal agencies comes in response...
U.S. Arrests 'Bitcoin Rodney,' Alleged HyperVerse Crypto Scheme Promoter, on IRS Charges of Fraud
9.1.2024
Rodney Burton was arrested on Friday in Florida and will be transferred to Maryland
DeSantis Vows to Abolish IRS, Advocates Flat Tax in Presidential Bid Amidst Stiff GOP Competition
7.1.2024
On Jan. 4, 2024, Florida Governor and presidential candidate Ron DeSantis articulated his desire to abolish the U.S. Internal Revenue Service (IRS). He advocated for the adoption of a uniform rate flat tax for all U.S. residents. DeSantis declared to CNN’s Kaitlan Collins on Thursday...
New Crypto Tax Law Takes Effect in US: Transactions of $10,000 or More Must Be Reported to IRS Within 15 Days
3.1.2024
A new tax reporting law has entered into force in the U.S. Starting on Jan. 1, all Americans receiving $10,000 or more in crypto in the course of their trade or business must file a report with the Internal Revenue Service (IRS) within 15 days. “If you don’t file a report within...
Crypto Investors Beware: IRS Crypto Tax Reporting Rules for $10k+ Transactions Now in Effect
2.1.2024
The controversial crypto tax reporting requirements within the bipartisan infrastructure bill signed into law in 2021 are now in effect as of January 1. These new Internal Revenue Service (IRS) rules mandate that cryptocurrency brokers report personal information on digital asset transactions over...
Circle Informs Clients of IRS Inquiry Into $20K Annual Transactions
21.12.2023
Numerous advocates of digital currencies report that Circle Internet Financial has been reaching out to its clients about a summons received from the Internal Revenue Service (IRS). Circle has stated that it is obliged to submit records concerning U.S. taxpayers who have engaged in transactions...
Crypto Crimes Highlighted in IRS Criminal Investigation’s 2023 Top 10 Criminal Cases
16.12.2023
In the IRS’s list of top 10 criminal cases for 2023, cryptocurrency frauds are featured, ranging from multi-million dollar tax evasions to elaborate money laundering schemes. Crypto Scams Among Most Significant Financial Crimes in IRS Criminal Investigation’s 2023 Report The...
Public-Private Partnerships Necessary in Investigating Crypto Crimes: Former IRS Agent and Lead Investigator at Merkle Science
15.12.2023
Richard Reinhardt. Image: LinkedIn / Merkle Science In an exclusive interview with CryptoNews, former IRS agent Richard Reinhardt, now serving as the lead investigator at Merkle Science, talked about growing challenges in investigating crypto-related crimes and the need for public-private...
FTX Bankruptcy Judge Takes Step to Shorten Timeline for Customers' Recoveries
14.12.2023
A federal judge took steps to end a protracted dispute between FTX and its largest creditor at a bankruptcy hearing, signaling the court could try to speed up efforts to recover FTX customer's funds from the failed crypto firm's estate
IRS Spotlights Most Notable Cryptocurrency Scams in 2023
13.12.2023
Source: Pixabay / stevepb The U.S. Internal Revenue Service Criminal Investigation (IRS-CI) division has released its list of the top 10 criminal cases of 2023. These cases include the IRS‘s most prominent and high-profile investigations with a significant focus on cryptocurrency-related...
FTX Disputes IRS's 'Alice in Wonderland' Tax Claim
12.12.2023
The U.S. government's claim for $24 billion in unpaid taxes by FTX has only one source – taking recoveries away from its victims, FTX said in a court filing