1 / 4 Relevant items tagged with #IRS

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Binance exec’s mother pleads with US gov’t to secure his release

[yesterday 9:00 PM] Detained in Nigeria for more than six months and with reported deteriorating health, Tigran Gambaryan likely won’t return to court until Oct. 9.

Bitcoin Investor Faces Prison Time for Underreporting Crypto Gains

[Sep 15 1:30 AM] A bitcoin investor has pleaded guilty to underreporting his cryptocurrency gains, including $3.7 million from BTC sales, resulting in a tax loss to the Internal Revenue Service (IRS) of over $550,000. The Department of Justice emphasized that…

CFTC Teams up With SEC to Fight Cryptocurrency Scams

[Sep 14 1:30 AM] The Commodity Futures Trading Commission (CFTC) has partnered with several organizations, including the Securities and Exchange Commission (SEC), to educate the public about cryptocurrency scams, especially those involving fake romantic…

Court Sentences Missouri Man to 3 Years in Prison for Crypto and Tax Fraud

[Sep 12 11:20 AM] Missouri resident Lyell Champagne Jr. has been sentenced to three years in federal prison for fraud and tax offenses involving cryptocurrency. He and his accomplice attempted to steal funds by accessing victims’ bank accounts and filing false…

IRS Unveils Overhauled Crypto Tax Form With No Address Disclosure Requirements

[Aug 10 6:05 PM] The U.S. Internal Revenue Service (IRS) has unveiled an updated Form 1099-DA for reporting digital asset transactions, introducing key changes that may address past criticism and privacy issues. This new version, reportedly set to be partially…

IRS updates draft of crypto reporting form for US taxpayers

[Aug 9 9:55 PM] The latest draft form eliminated asking US taxpayers the time of day a crypto transaction occurred and identifying the “broker type.”

IRS Shares New Crypto Tax Form, Invites Industry Input

[Aug 9 6:17 PM] The U.S. Internal Revenue Service (IRS) has released an updated draft version of the tax form crypto brokers and investors will use to report proceeds from certain transactions, the 1099-DA.

US to establish Bitcoin tax-free zone for digital economy growth

[Aug 8 10:47 AM] The USABTC policy group proposes a groundbreaking tax-free Digital Economic Zone (DEZ) for Bitcoin to boost the US economy while securing the dollar's global dominance.

RFK Jr. Pledges to Ensure US Government Holds 4 Million Bitcoins as Strategic Reserve if Elected President

[Jul 27 10:45 AM] U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) has promised significant bitcoin-related changes if elected. On day one of his presidency, he plans to transfer 200,000 bitcoins to the U.S. Treasury and mandate the government to purchase…

RFK Jr. promises BTC strategic reserve, dollar backed by hard assets

[Jul 26 5:06 PM] The presidential hopeful gave Bitcoin eloquent praise as a future support for the US economy and way to fix broken American money and society.

Sacked Northern Data Execs File Suit Against Tether-Backed Company, Alleging Fraud

[Jul 5 11:02 AM] Two former executives of Tether-backed German tech company Northern Data have filed suit against the firm, alleging that they were wrongfully terminated after raising concerns about the company’s financial health and alleging tax evasion.

Treasury and IRS Announce Digital Asset Tax Reporting Regulations

[Jun 30 1:21 PM] The U.S. Department of the Treasury and the IRS have released final regulations for tax reporting on digital asset sales, as part of the Biden-Harris administration’s implementation of the Infrastructure Investment and Jobs Act. Additionally, the…

IRS reveals final regulations for crypto broker rules

[Jun 28 5:20 PM] The Internal Revenue Service did not include decentralized exchanges or self-custodial wallets under its broker reporting requirements.

U.S. Treasury Issues Crypto Tax Regime For 2025, Delays Rules for Non-Custodians

[Jun 28 2:15 PM] The IRS has now set up its reporting system for crypto brokers, but it set aside related rules for DeFi and unhosted wallets as it continues to study 44,000 comments to the agency.

Blockchain Association objects to IRS broker rule in letter

[Jun 21 3:45 PM] The Washington DC-based blockchain advocacy group argued the IRS' broker rule provisions violate the Paperwork Reduction Act.

FTX reaches $200M settlement with IRS on tax bill

[Jun 4 11:05 AM] The agreement, which is subject to a court approval, resolves a major hurdle for FTX bankruptcy process.

Canada’s Tax Agency Targets $40M in Uncollected Crypto Taxes as Trudeau Seeks Major Capital Gains Hike

[May 13 11:20 PM] Based on a report by the National Post, Canada’s Revenue Agency (CRA) is actively searching for uncollected taxes on cryptocurrencies. The agency estimates that there is nearly $40 million in undeclared taxes related to digital currencies…

Samourai Wallet Co-Founder Keonne Rodriguez Pleads Not Guilty, Released on $1M Bail

[Apr 29 8:19 PM] On Monday, April 29, Keonne Rodriguez, co-founder of the non-custodial bitcoin wallet Samourai, entered a plea of not guilty to accusations of operating a money transmitter and engaging in money laundering. Rodriguez secured his release by posting…

The Non-Custodial Conflict: US Government Actions Stir Crypto Community Concerns

[Apr 26 7:41 AM] Over the past two days, there has been a notable uptick in concern within the crypto community regarding the U.S. government’s actions toward non-custodial wallets, which facilitate the sovereign storage of crypto assets. Recent events have…

US Authorities Charge Founders of Bitcoin Mixer Samourai Wallet for Laundering Over $100 Million

[Apr 24 1:34 PM] The U.S. Department of Justice has indicted the founders of Samourai Wallet, Keonne Rodriguez, and William Lonergan Hill, on charges of operating an unlicensed money-transmitting business and laundering over $100 million through illicit…

IRS Releases Draft Tax Form for Digital Assets — Expert Raises ‘Major Privacy and Security Concerns’

[Apr 20 7:32 PM] The U.S. Internal Revenue Service (IRS) has released a draft tax Form 1099-DA for reporting digital asset proceeds from broker transactions. Brokers, including unhosted wallet providers, are required to report proceeds from digital asset…

Chainalysis Hires Former IRS Criminal Investigations Chief Jim Lee

[Apr 8 7:00 AM] In his new role, Lee will advise law enforcement and tax agencies on how they can better fight crypto crime with Chainalysis’ data.

IRS Revises Digital Asset Question on Tax Forms

[Jan 24 8:30 PM] 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…

U.S. Arrests 'Bitcoin Rodney,' Alleged HyperVerse Crypto Scheme Promoter, on IRS Charges of Fraud

[Jan 9 7:04 AM] 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

[Jan 7 10:30 AM] 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…

New Crypto Tax Law Takes Effect in US: Transactions of $10,000 or More Must Be Reported to IRS Within 15 Days

[Jan 2 9:30 PM] 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…

Circle Informs Clients of IRS Inquiry Into $20K Annual Transactions

[Dec 21, 2023 8:30 AM] 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…

The Pope and US regulators warn about AI risks: Law Decoded

[Dec 18, 2023 2:00 PM] The head of the Catholic Church warned humanity of AI’s potential dangers and explained what needs to be done to control it.

FTX Bankruptcy Judge Takes Step to Shorten Timeline for Customers' Recoveries

[Dec 13, 2023 6:44 PM] 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 lists 4 crypto crimes among its top cases in 2023

[Dec 12, 2023 1:56 PM] The cases included investigations into the Silk Road marketplace, OneCoin, Oyster Protocol founder “Bruno Block,” and a money laundering scheme using Bitcoin kiosks.