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Crypto Staking in the Crosshairs: IRS Unveils New Tax Guidance

[Aug 1, 2023 8:00 AM] The U.S. Internal Revenue Service (IRS) has issued a decree stating that American citizens drawing income from cryptocurrency staking services must categorize the value of those digital assets as gross income, the moment they officially take…

Crypto staking rewards are taxable once received: IRS

[Jul 31, 2023 9:57 PM] The U.S. tax department will be requiring taxpayers to count staking rewards as gross income at the time they gain "dominion" over the tokens.

IRS: Crypto Staking Rewards Taxable Once Investor Gets Hands on Tokens

[Jul 31, 2023 3:53 PM] A cryptocurrency investor rewarded assets for validation activity on a proof-of-stake network should count the rewards as income in the year the investor gets control of those tokens, according to a ruling issued Monday by the Internal Revenue…

Judge suggests IRS issued $4K refund over tax lawsuit based on quality of lawyers: Report

[Jul 26, 2023 1:45 PM] A couple who filed a lawsuit over how staked Tezos tokens were taxed has gone to appellate court after refusing to accept a refund check from the IRS.

U.S. Senate Finance Committee Asks Crypto Industry for Tax Guidance

[Jul 12, 2023 2:50 AM] The committee sought input from the cryptocurrency industry to better understand the tax challenges presented by digital assets.

Kraken ordered by court to disclose user data to IRS for tax compliance

[Jul 1, 2023 4:10 AM] Kraken is required to provide details of users who engaged in transactions exceeding $20,000 within a calendar year.

US Judge Orders Kraken to Release Customer Data to IRS in Cryptocurrency Tax Probe

[Jun 30, 2023 10:30 PM] Kraken, the San Francisco-headquartered digital currency exchange, has received a court order from a U.S. judge requiring the release of customer data to the Internal Revenue Service (IRS). The court filing, submitted on Friday, states that the IRS…

Court Orders Kraken to Turn Over History Transaction and Account Information to IRS

[Jun 30, 2023 3:29 PM] A federal court ordered crypto exchange Kraken to turn over account and transaction information to the IRS, which said it needed that information to see if any of the exchange's users had underreported their taxes.

US Presidential Candidate Ron DeSantis Supports Plan to Eliminate IRS and ‘Break the Swamp’

[Jun 30, 2023 8:30 AM] In an interview this week, Ron DeSantis, the Republican governor of Florida and a presidential candidate, revealed his support to eliminate several federal agencies should he win the general election. Among the entities he mentioned were the U.S…

Five US enforcement agencies form new digital currency anti-crime task force

[Jun 20, 2023 3:18 PM] The agencies have worked together for years, but now their joint efforts are official as they plan to ramp up activity.

Intuit introduces proprietary large language models for fintech with GenOS

[Jun 7, 2023 3:00 PM] Intuit is launching an operating system for generative artificial intelligence that will feature AI models trained on the company’s financial data.

US Congressmen blame crypto firms for 'tax gap' in letter to Treasury

[Jun 6, 2023 12:15 AM] In a letter addressed to Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel, Congressmen Sherman and Lynch raised concerns about the tax compliance practices in crypto.

IRS, Chainalysis Helping Ukraine Track Russians Using Crypto to Evade Sanctions

[May 14, 2023 4:00 AM] The U.S. Internal Revenue Service (IRS) said it’s working closely with Ukraine to help it trace crypto transactions of Russian sanctions evaders. The agency is providing the Ukrainians access to a Chainalysis tool as well as specialized training to…

IRS, Chainalysis and Ukraine Targeting Russian Crypto Sanctions Evaders Jointly

[May 11, 2023 11:20 AM] The U.S. Internal Revenue Service and crypto investigations company Chainalysis are working with Ukraine to target Russian oligarchs using crypto to evade sanctions.

How the IRS seized $10B worth of crypto using blockchain analytics

[May 11, 2023 9:00 AM] A public-private partnership with blockchain analytics firm Chainalysis has played a key role in helping the Internal Revenue Service solve cryptocurrency-related crimes.

U.S. Internal Revenue Service Files Claims Worth $44 Billion Against FTX Bankruptcy

[May 10, 2023 1:05 PM] The largest of the claims includes a $20.4 billion claim against Alameda Research LLC, which details nearly $20 billion in unpaid partnership taxes.

Crypto Tax Guidance Could Come 'in 12-ish Months,' Says IRS Official

[Apr 28, 2023 3:18 PM] The IRS' point person for taxation of cryptocurrencies stresses need for community engagement at Consensus 2023

Tax law researchers propose IRS framework for deducting crypto losses

[Apr 28, 2023 1:15 PM] A recently published study appears to advocate for the isolation of crypto assets from other tax deductions where losses are concerned.

Kraken asks San Francisco court to intervene against IRS demands

[Apr 27, 2023 4:38 AM] Kraken has joined Coinbase in an effort to push back against the growing regulatory scrutiny by U.S. regulators.

‘Biggest mistake’ is not using tax loss harvesting: Koinly head of tax

[Apr 18, 2023 1:10 AM] 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.

Silk Road Hacker Sentenced to a Year in Prison for Wire Fraud

[Apr 16, 2023 1:30 AM] On April 14, 2023, the Department of Justice (DOJ) for the Southern District of New York revealed that the hacker responsible for the Silk Road marketplace breach had been sentenced to a year in prison for wire fraud charges. James Zhong stole more…

New 1099-DA Reporting Creates More Headaches for Taxpayers

[Apr 13, 2023 10:59 AM] 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 tax rules could mean a US exodus for crypto companies

[Apr 10, 2023 5:29 PM] 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

[Mar 31, 2023 1:57 PM] 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

[Mar 29, 2023 4:00 PM] 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…

Staking gains shouldn't be taxed until they're sold

[Mar 27, 2023 5:51 PM] 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

[Mar 27, 2023 12:30 PM] Two lawmakers in one week weighed in against the possibility of a United States central bank digital currency.

IRS calls for public feedback on taxing NFTs as collectibles

[Mar 21, 2023 11:00 AM] 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

[Mar 21, 2023 8:56 AM] Digital proofs of ownership will be taxed like the underlying assets until rules on how to treat assets in retirement accounts are finalized

Biden Budget Proposal Targets Crypto Investors Using Like-Kind Exchange Provision; Plan Aims to Tax Crypto Miners 30%

[Mar 10, 2023 11:30 AM] On Thursday, the Biden administration released the U.S. president’s 182-page budget proposal for the fiscal year 2024, which aims to “grow the economy from the bottom up and middle out.” The budget includes an $835 billion…