Crypto advocacy group pushes back against proposed IRS rules on brokers
The Blockchain Association, a United States-based cryptocurrency advocacy group, has submitted a comment letter mainly in opposition to tax regulations proposed by the Internal Revenue Service (IRS).In a Nov. 13 letter, the Blockchain Association (BA) said proposed IRS rules introduced in ...
Kraken will share data of 42,000 users with IRS
United States-based cryptocurrency exchange Kraken said it will share the data of 42,000 users with the U.S. Internal Revenue Service (IRS) in compliance with a court order. The information will be sent to the IRS in early November. On its support page, Kraken specifies that the summo ...
IRS extends comments period for new crypto tax rule to mid-November
The United States Internal Revenue Service (IRS) has extended the commentaries period for crypto tax reporting rules proposed in August 2023. The public consultation will last until Nov. 13. The “Gross Proceeds and Basis Reporting by Brokers and Determination of Amount Realized and Ba ...
Crypto advocates file amicus brief to address users’ Fourth Amendment privacy rights
Cryptocurrency advocacy group DeFi Education Fund (DEF) has urged a United States court to consider the unique aspects of blockchain technology when evaluating the privacy rights of cryptocurrency users under the Fourth Amendment.DEF filed an amicus brief to the U.S. Court of Appeals (Firs ...
IRS crypto tax reporting rules threat to industry — Coinbase legal chief
Coinbase crypto exchange chief legal officer Paul Singh Grewal called upon the crypto community to join the movement against the United States Treasury’s proposed tax reporting regulations on cryptocurrencies. Grewal urged the community to oppose the proposed regulations as it could set a d ...
The explosive revelations of Caroline Ellison: Law Decoded
Last week, the FTX court saga had elements of a TV drama, with Sam “SBF” Bankman-Fried’s former business associate and girlfriend, Caroline Ellison, sharing some shocking stories about SBF’s rule over the company. Ellison admitted to fraud during her time as CEO at Alameda under Bankman-Fried’s d ...
US Treasury, IRS propose cryptocurrency regulations for brokers
Two federal agencies of the United States — the Department of the Treasury and the Internal Revenue Service (IRS) — have released a set of cryptocurrency regulations proposal detailing brokers' reporting requirement.The Office of Advocacy of the U.S. Small Business Administrati ...
Criticism Arises Over New Crypto Tax Rules Proposed by President Biden
Several prominent crypto commentators have criticized the new crypto tax reporting rules recently put forth by United States president Joe Biden. On Aug. 25, in an effort to catch crypto users avoiding taxes, the Internal Revenue Services (IRS) proposed brokers follow new rules for selling and tr ...
Coin Center’s Recommendations for US Crypto Tax Legislation
Cryptocurrency advocacy group Coin Center has provided suggestions for United States lawmakers to consider in potential legislation related to taxation of digital assets. In an Aug. 21 letter to Senators Ron Wyden and Mike Crapo, Coin Center pointed to the Virtual Currency Tax Fairness Act — a bi ...
Elizabeth Warren, Bernie Sanders urge closure of ‘$50 billion crypto tax gap’
A number of United States’ lawmakers have urged the Internal Revenue Service (IRS) and the Treasury to speed up the closure of tax loopholes being exploited by “crypto tax evaders.”In an Aug. 1 letter, Democratic Senators Elizabeth Warren, Bernie Sanders, Bob Casey and Richard Blumenthal w ...
Crypto staking rewards are taxable once received: IRS
United States crypto investors must report crypto staking rewards as gross income in the year it was received, according to a new ruling from the country’s top tax authority.On July 31, the Internal Revenue Service (IRS) issued Revenue Ruling 2023-14, giving clarification about ...
Kraken ordered by court to disclose user data to IRS for tax compliance
The United States District Court for the Northern District of California has ordered crypto exchange Kraken to turn over account and transaction information to the Internal Revenue Service (IRS). The agency said it needed the information to determine if any of the exchange’s users had underreport ...
How to track and report crypto transactions for tax purposes
As cryptocurrencies and blockchain assets continue to grow in popularity and mainstream adoption, the United States Internal Revenue Service has taken an increasing interest in their taxation. In the U.S., cryptocurrency is subject to crypto tax and is classified as transactions inste ...
Five US enforcement agencies form new digital currency anti-crime task force
A diverse group of United States enforcement agencies has made official its cooperation on crimes related to the darknet and digital currency with the announcement of the Darknet Marketplace and Digital Currency Crimes Task Force on June 20. The new organization will target “cryptocurrency- ...
Intuit introduces proprietary large language models for fintech with GenOS
Fintech giant Intuit, whose product offerings include TurboTax, Mint, Credit Karma, Mailchimp and QuickBooks, recently expanded its software services platform to include GenOS, an operating system for generative artificial intelligence (AI) technologies. According to Intuit, the new o ...
US Congressmen blame crypto firms for ‘tax gap’ in letter to Treasury
Members of the United States Congress — Brad Sherman and Stephen Lynch — have penned a letter to the heads of the Treasury and the Internal Revenue Service (IRS), demanding the implementation of tax regulations for the crypto industry.In a letter addressed to Treasury Secretary ...
New Hampshire District Court Affirms IRS’s Right to Obtain Personal Data from Coinbase
The New Hampshire District Court affirmed the U.S. Internal Revenue Service's (IRS) right to obtain users' personal data from cryptocurrency exchange Coinbase, overruling the objections of its client James Harper. U.S. District Court Judge Joseph Laplante dismissed a laws ...
IRS and Ukrainian Investigators Team Up with Chainalysis to Track Russians Evading Sanctions with Cryptocurrencies
U.S. Internal Revenue Service (IRS) Criminal Investigations Division and Ukrainian investigators began cooperating with Chainalysis analytical firm to track Russians evading sanctions with the help of cryptocurrencies. The IRS promised to sponsor the access of Ukrainian i ...
IRS Files Lawsuits Worth $44 Billion Against Bankrupt Crypto Exchange FTX
The Internal Revenue Service (IRS) has filed lawsuits worth nearly $44 billion against bankrupt cryptocurrency exchange FTX and its affiliates. In total, the IRS has filed 45 lawsuits against companies, including West Realm Shires (the legal entity of FTX.US), Ledger Hold ...
IRS Files $44 Billion Lawsuit Against FTX and Affiliates for Unpaid Taxes
The exchange and its affiliates are accused of not paying taxes The biggest lawsuit is filed against Alameda Research, for $20.4 billion The IRS got the highest priority for refunds The IRS (Internal Revenue Service) filed 45 lawsuits against FTX and ...
Kraken Challenges IRS Request for User Information in Court
Cryptocurrency exchange Kraken is currently in a legal battle against the US Internal Revenue Service (IRS) over the IRS's request to access information on users of the exchange. Kraken is reportedly seeking to have the request invalidated by the court, and a hearing has been scheduled for May to ...
IRS to Send Crypto Agents to Four Countries for International Investigation
The IRS has announced its intention to deploy its staff to multiple countries as part of its efforts to investigate cryptocurrency and DeFi-related crimes. Under a pilot program that runs from June to September 2023, the agency's crypto and cybercrime agents will be working closely with law enfor ...