A United States Representative Earl Carter has introduced the Fair Tax Act (H.R. 25), a bill that aims to eliminate the Internal Revenue Service (IRS) and replace the existing U.S.…
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The IRS delayed crypto tax reporting rules to January 2026, allowing brokers time to adapt, sparking mixed reactions in the industry. Brokers must adopt the FIFO method under new rules,…
The U.S. Department of the Treasury has classified DeFi platforms as traditional brokers, imposing new obligations on them to store and report user transaction data similarly to market brokers under…
FTX agrees to an $885 million settlement on a $24 billion IRS claim, after announcing that 98% of creditors will receive 118% of their claims in cash. IRS to receive…
The IRS and Treasury Department temporarily postpone the application of the $10,000 reporting requirement for digital asset transactions. This postponement provides a crucial window for Bitcoin, Ethereum, and Ripple (XRP)…
Coinbase CEO Brian Armstrong and his exchange have raised an alarm on the recent IRS crypto tax proposal deeming it as ‘incomprehensible.’ The IRS has proposed defining crypto brokers and…
The IRS issued Revenue Ruling 2023-14, providing guidelines on taxing income from staking digital assets. Staking has emerged as a significant area of disagreement among lawmakers. As per a recent…
An IRS special agent says digital assets, including NFTs, are overrun by fraud such as money laundering, market manipulation, and tax evasion. The agency plans on cracking down on these…
The IRS seized $3.5 billion in cryptocurrencies in the fiscal year 2021, a figure that accounted for 93 percent of all the assets it seized. In the coming year, the…
All bipartisan infrastructure deals settled with crypto payments will henceforth attract additional taxes. The bill has spurred backlash from the crypto community as crypto firms aren’t equipped to report such…
The US treasury has proposed that transfers of at least $10,000 of cryptocurrency be reported to the Internal Revenue Service. Crypto investors have viewed this as an acknowledgment by the…