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Tax law researchers propose IRS framework for deducting crypto losses
28.4.2023
A recently published study appears to advocate for the isolation of crypto assets from other tax deductions where losses are concerned
Today in Crypto: Hackers Using Victims’ AT&T Email Addresses to Steal Crypto, Revolut Partners with Koinly, Kraken Fights IRS, Circle Launches Mainnet Protocol for USDC Transfers Between Ethereum & Avalanche
27.4.2023
Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.__________...
Read More: Today in Crypto: Hackers Using Victims’ AT&T Email Addresses to Steal Crypto, Revolut Partners with Koinly, Kraken Fights...
Kraken asks San Francisco court to intervene against IRS demands
27.4.2023
Kraken has joined Coinbase in an effort to push back against the growing regulatory scrutiny by U.S. regulators
Report: US Revenue Collector IRS to Send Four Crypto Crime Investigation Agents Abroad
24.4.2023
The Internal Revenue Service (IRS) is planning to send investigators to four countries where they are expected to tackle the use of crypto and decentralized finance products in global financial and tax crimes. According to the tax collector’s spokesperson, the IRS will be able to determine...
‘Biggest mistake’ is not using tax loss harvesting: Koinly head of tax
18.4.2023
Failing to utilize tax loss harvesting is one of the biggest mistakes people can make on their tax returns, according to the head of tax at Koinly
Crypto Holders Face Tricky Tax Situations as US Taxes Due Next Week – Here's What You Need to Know
14.4.2023
Crypto investors in the US are finding themselves in tricky tax situations, with many of them still struggling with losses from last year’s market downturn and the many bankruptcies that occurred....
Read More: Crypto Holders Face Tricky Tax Situations as US Taxes Due Next Week – Here's What...
New 1099-DA Reporting Creates More Headaches for Taxpayers
13.4.2023
You might think that new tax reporting rules for exchanges should mean less work for the taxpayer, but it’s the opposite, says CPA Kirk Phillips
New R&D tax rules could bankrupt your blockchain startup
11.4.2023
A change to R&D tax rules means that a tech company could lose more than $1 million — but still be on the hook for hundreds of thousands in taxes
How Will NFTs Be Taxed? Understanding the IRS' New Proposed Guidelines
31.3.2023
Tax experts weigh in on how the IRS will decide if NFTs are collectibles
FTX’s Bankman-Fried Is Allegedly Using Alameda Funds to Pay for Legal Defense
30.3.2023
According to two sources close to FTX, Sam Bankman-Fried, the disgraced co-founder, gave his father, Stanford Law professor Joseph Bankman, millions of dollars. The funds are reportedly being used to pay for legal costs. The sources said that Bankman-Fried allegedly gave “at least...
Staking gains shouldn't be taxed until they're sold
28.3.2023
We don’t tax houses while they’re under construction, and we shouldn’t impose taxes on cryptocurrency while it’s staked
Ted Cruz and Ron DeSantis take on the ‘digital dollar’: Law Decoded, March 20–27
27.3.2023
Two lawmakers in one week weighed in against the possibility of a United States central bank digital currency
IRS Considers Treating NFTs as Taxable Collectibles, Raising Concerns for Digital Asset Owners
22.3.2023
NFT holders are on edge following an announcement by the IRS that they're reaching final rules surrounding the taxation of NFT assets.
The central proposal is to treat NFTs in the same way as collectibles such as fine wine, art, or stamps according to the document published by the US Internal...
IRS calls for public feedback on taxing NFTs as collectibles
21.3.2023
Those wishing to offer feedback to the IRS on having NFTs treated as collectibles such as coins or works of art have until June 19 to submit comments
IRS Seeks to Tax NFTs Like Other Collectibles
21.3.2023
Digital proofs of ownership will be taxed like the underlying assets until rules on how to treat assets in retirement accounts are finalized
Why Not Donate Dead NFT Wallets?
28.2.2023
Inaccessible cryptocurrencies presumably have taxable value, meaning they can be donated to a museum, conceptual artist and lawyer Brian Frye writes
Bitcoin-friendly Cash App integrates TaxBit amid tax-filing season
28.2.2023
Bitcoin evangelist Jack Dorsey’s Cash App is making it easier for BTC holders to calculate their taxes with the TaxBit integration
The IRS is Taking Action to Uncover Identities of This Crypto Exchange's Customers – Who Will Be Affected?
10.2.2023
According to the Internal Revenue Service (IRS), the American tax authority, Kraken, the giant crypto exchange, failed to provide requested information regarding its US customers who conducted crypto transactions worth $20,000 or more between 2016 and 2020.
The major exchange has allegedly been...
IRS Seeks Court Approval to Identify Kraken Crypto Customers
9.2.2023
The Internal Revenue Service has filed a court document seeking permission to enforce a summons for information against Kraken and its subsidiaries
ConsenSys releases statement of support for continuation of the Jarrett tax case
7.2.2023
The court dismissed the Jarretts’ case over the taxation of staking rewards after the IRS issued the refund the couple sought; not good enough, they said