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US Lawmaker Pushes for Safe Harbor Legislation to Protect Crypto Investors With Forked Coins
20.5.2021
US Congressman Tom Emmer is pushing for safe harbor legislation to protect taxpayers with forked coins. A bill entitled “Safe Harbor for Taxpayers with Forked Assets Act of 2021” has been introduced to prohibit “penalties against taxpayers attempting to report certain gains...
US lawmaker introduces bill aimed at protecting 'forked assets' from IRS
18.5.2021
This is the third time Rep. Emmer has introduced the bill to the House of Representatives, but the first with a Democrat in the presidency
IRS Will Seize Cryptocurrencies From Investors to Settle Tax Debts, Official Warns
14.5.2021
An official of the U.S. Internal Revenue Service (IRS) has clarified that the agency is prepared to seize cryptocurrencies and sell them to satisfy tax collection if taxpayers fail to meet their tax obligations. Robert Wearing, IRS’ deputy associate chief counsel for Procedure &...
Binance Faces DOJ Probe as Investigators Target Crypto Money Laundering and Tax Evasion
13.5.2021
Binance, one of the largest cryptocurrency exchanges in the world, is now being probed by the Department of Justice (DOJ) under the assumption that it could be immersed in money laundering transactions. The investigation will also include inquiries from the Internal Revenue Service (IRS), which...
Bitcoin drops to $46K, altcoins sell-off as report claims Binance is under investigation
13.5.2021
News that Binance could be under investigation by the US Justice Department and IRS triggered a market-wide sell-off which saw Bitcoin price drop to $46,000
Binance is reportedly under investigation from IRS and Justice Department
13.5.2021
The price of Bitcoin and Ether both fell between 3-5% as the report spread across social media
IRS Could Come For Your Crypto If You Owe Them - Official
13.5.2021
If you happen to owe any money to the US Internal Revenue Service (IRS), the agency is willing to explore yet another way to make sure you pay your tax debts.
According to Robert Wearing, Deputy Associate Chief Counsel for Procedure and Administration at the IRS, the US government considered...
IRS will seize your crypto if you can't pay back taxes
12.5.2021
If you’re a cryptocurrency holder with past-due tax debts, your provable holdings may be confiscated by the IRS if you don’t pay back what you owe
US Court: IRS can Now Access User Transactions from Kraken
7.5.2021
The crypto circle is filled with new movements every day, and the latest news comes from the U.S. A court has recently allowed the IRS to gather user transactions from Kraken. As the Justice Department, this will ensure that even crypto holders fulfill their tax requirements. The move does not harm...
Court Authorizes IRS to Summon User Records From Kraken Cryptocurrency Exchange
6.5.2021
The Internal Revenue Service (IRS) has obtained court authorization to serve a John Doe summons on cryptocurrency exchange Kraken. The tax agency is seeking data of users with $20,000 or more in cryptocurrency transactions during the years 2016 to 2020. IRS Wants User Information From Crypto...
Taxman Comes Calling at Kraken – IRS Gets Hands on Data from 2016-2020
6.5.2021
A branch of the California District Court has granted the American tax collecting body, the Internal Revenue Service (IRS), permission to issue a John Doe summons on the crypto exchange giant Kraken – in a bid to discover the identities of United States residents and citizens who have conducted...
Court orders Kraken to provide information on user transactions to the IRS
6.5.2021
A court in northern California has ordered Kraken to provide info on users who traded more than $20,000 between 2016 and 2020 to the IRS
Alleged Bitcoin Fog Operator Arrested for Money Laundering, Admin Accused of Mixing 1.2 Million BTC
28.4.2021
U.S. law enforcement arrested the alleged operator of Bitcoin Fog, Roman Sterlingov in Los Angeles on Tuesday. Documents show Sterlingov is accused of laundering over 1.2 million bitcoin via the Bitcoin Fog mixer, a tool that allows users to mix transactions together. According to federal...
NFTs and US taxes: What you should know
24.4.2021
Are there any pitfalls in NFT taxation according to the current U.S. laws?
More IRS summonses for crypto exchange account holders
18.4.2021
The recent John Doe summons developments indicate that the IRS is seriously interested in crypto — better to report than to be audited
The crypto FBAR: Implications beyond
17.4.2021
What crypto owners should know if crypto accounts fall within the new Foreign Bank and Financial Accounts regulations
Bitcoin Cash From Hard Fork Is Taxable Income - IRS
12.4.2021
Bitcoin cash (BCH), received after the Bitcoin (BTC) hard fork in 2017, constitutes taxable gross income, according to a memorandum released by the US Internal Revenue Service (IRS).
The IRS claims the document, dated March 22, cannot be cited as precedent, and it was drafted in response to...
US Court Authorizes IRS to Summon Cryptocurrency User Records From Circle and Poloniex
4.4.2021
The Internal Revenue Service (IRS) has obtained authorization from a federal court to seek information on cryptocurrency users from Circle and Poloniex exchange platforms. The tax authority wants records identifying crypto users who conducted $20,000 or more in crypto transactions during the years...
'Guys, File Your Crypto Taxes, the IRS is Coming'
2.4.2021
A tax expert is warning that filing crypto taxes is a must in order to avoid penalties, as the taxman knows you've got reportable transactions.
This comes as the Internal Revenue Service (IRS), the service of the United States federal government responsible for collecting taxes, is officially...
IRS authorized to access information on Circle's crypto traders to nab tax cheats
2.4.2021
The Internal Revenue Services will seek information from Circle on all U.S. taxpayers who traded at least $20,000 worth of crypto between 2016 and 2020