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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.

FTX Disputes IRS's 'Alice in Wonderland' Tax Claim

[Dec 12, 2023 7:03 AM] 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.

Peter Schiff Says Global Tax Chiefs’ Only Enforcement Success Is Its ‘Failed’ Action Against His Bank

[Dec 7, 2023 10:00 PM] Economist Peter Schiff says the only enforcement success of the Joint Chiefs of Global Tax Enforcement (J5) is its “failed” action against his bank, allegedly aimed to “put a stop to the suspected facilitation of offshore tax…

IRS team reports rise in crypto tax investigations

[Dec 4, 2023 3:52 PM] According to the fiscal year 2023 report, the IRS unit investigated failures to disclose crypto holdings and report on capital gains for transactions.

1 Way to Revive Dead NFT Wallets

[Nov 22, 2023 10:02 AM] Conceptual artist and legal scholar Brian Frye says inaccessible crypto tokens cannot be sold, but can be donated — with potentially significant tax benefits.

U.S. Lawmakers Urge Treasury to Revise Proposed Crypto Tax Rules

[Nov 16, 2023 12:56 AM] A letter by a bipartisan group of U.S. lawmakers has urged the U.S. Treasury to revise its proposed digital-assets taxation regime.

IRS Says US Taxpayers Are the Most Targeted for Pig Butchering Crypto Scams

[Nov 16, 2023 12:30 AM] The Internal Revenue Service (IRS) has issued a warning about pig butchering cryptocurrency scams. IRS Criminal Investigation special agents stressed that these schemes are popping up across the globe, emphasizing: “U.S. taxpayers are…

Congress Gets the Runaround From Regulators, Again

[Nov 15, 2023 4:04 PM]

‘We're Not Asking for Special Treatment’: Coin Center on the Proposed IRS Broker Rules

[Nov 14, 2023 1:51 PM]

Delaware, We Need to Talk

[Nov 14, 2023 12:30 PM] Some sectors of the crypto industry were excited (and/or confused) by an apparent BlackRock XRP Trust filing in the state of Delaware, suggesting the massive asset manager may try to launch an XRP exchange-traded fund (ETF) after applying to launch…

Crypto advocacy group pushes back against proposed IRS rules on brokers

[Nov 13, 2023 2:20 PM] The Blockchain Association claimed the U.S. Treasury overstepped its authority in proposing crypto tax rules difficult or impossible to follow by many in the space.

The IRS Should Offer a Free Tax Reporting Tool to DeFi Users

[Nov 13, 2023 8:38 AM] Blockchain is not the problem, it is the solution to the problem the U.S. tax agency wants to solve through its highly controversial "broker rule."

The IRS Should Heed This Warning

[Nov 13, 2023 8:09 AM]

Expect new IRS crypto surveillance to come with a surge in confiscation

[Nov 7, 2023 3:37 PM] The Justice Department is claiming that it's "critical" for it to have the power to seize cryptocurrency from Americans — even if a judge never signs off.

'Bruno Brock', Founder of Oyster Pearl, Gets Four Year Jail Term for Tax Evasion

[Nov 1, 2023 1:55 AM] Elmaani pleaded guilty in April 2023, agreeing that he caused a tax loss of over $5.5 million.

Kraken Begins Notifying Customers It Will Send Their Data to the IRS This November

[Oct 26, 2023 3:00 PM] Cryptocurrency exchange Kraken is sending a letter to clients notifying them that after losing a lengthy court case, they will need to turn over sensitive data to the Internal Revenue Service (IRS) after a legal battle that began in May 2021…

IRS extends comments period for new crypto tax rule to mid-November

[Oct 25, 2023 2:02 AM] The proposed rules are supposed to come into effect in 2026, impacting sales and exchanges conducted in 2025.

IRS proposes unprecedented data-collection on crypto users

[Oct 23, 2023 12:01 PM] The IRS is looking to require crypto service providers to collect unprecedented swaths of data about their users — including names and Social Security numbers.

IRS crypto tax reporting rules threat to industry — Coinbase legal chief

[Oct 19, 2023 2:27 AM] The IRS proposed the new crypto tax reporting rules in August, and if approved, the new crypto tax regime will come into effect from January 2026.

The explosive revelations of Caroline Ellison: Law Decoded

[Oct 16, 2023 2:30 PM] SBF’s former girlfriend admits to fraud during her time as CEO of Alameda Research.

7 Senators Urge Treasury and IRS to Rapidly Implement Crypto Tax Reporting Rule

[Oct 12, 2023 7:30 PM] Seven U.S. senators have called on the Treasury Department and the Internal Revenue Service (IRS) to “implement the proposed crypto broker reporting rule as rapidly as possible.” The lawmakers stressed: “We are alarmed by the self-inflicted…

Coinbase Sounds Alarm on IRS Crypto Tax Proposal

[Oct 12, 2023 3:00 PM] As the U.S. crypto exchange called the recent IRS proposal for taxing crypto “incomprehensible,” the tax agency flagged that the industry isn’t paying its fair share.

US lawmakers urge IRS to implement crypto tax reporting requirements before 2026

[Oct 11, 2023 3:45 PM] The crypto tax reporting requirements proposed by the IRS in August are currently scheduled to go into effect in 2026 — according to 7 senators, that isn't soon enough.

IRS Proposed Rule on Digital Asset Broker Reporting Could Kill Crypto in America

[Sep 26, 2023 7:42 AM] The proposal creates unworkable requirements for decentralized finance in the U.S. and serves as an important cautionary tale.

US Treasury, IRS propose cryptocurrency regulations for brokers

[Sep 7, 2023 2:05 AM] Brokers — referred to as “digital asset middlemen” in the regulatory proposal — will be required to provide information on gains and losses incurred during the sale of crypto assets.