Taxes – Page 29 – DIGIT INFO

Crypto Firm Owners Plead Guilty to Tax Evasion, Face up to 5 Years in Prison

Crypto Firm Owner Pleads Guilty to Tax Evasion, Faces 5 Years in Prison

The owners of a cryptocurrency firm that raised approximately $24 million from more than 13,000 investors have pleaded guilty to tax evasion. “These crypto-savvy defendants exploited an emerging technology, lying to their investors, pocketing the proceeds, and concealing the income from the IRS,” said acting U.S. Attorney Chad Meacham. Crypto Firm’s Founders Face up to […]

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Janet Yellen Defends Tax Compliance Agenda — 3 State Treasurers Promise Not to Comply

The 78th United States secretary of the treasury, Janet Yellen, is very concerned about tax evasion, according to statements she made during an interview with CNBC’s “Squawk Box” that aired on October 5. Yellen claims there’s an “enormous tax gap” and she insists financial information concerning where income derives from can get “hidden.” Janet Yellen […]

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The infrastructure bill is hanging in the balance. What would its enactment mean for crypto?

Hinging on Democrats’ ability to resolve intraparty disagreements, the controversial legislation could have tangible consequences for digital finance in the U.S. and beyond — if passed by the House today.

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Crypto tax ‘a top enforcement priority,’ reminds IRS commissioner

IRS Commissioner says crypto gains are taxable in the cannabis industry as the IRS treats cryptocurrencies as property.

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US Lawmakers Propose to Subject Cryptocurrencies to Wash Sale Rule

A committee of the U.S. House of Representatives has proposed to subject cryptocurrencies to the “wash sale” rule. Since cryptocurrencies are treated as property by the Internal Revenue Service (IRS), they are currently not subject to the wash sale rule. This proposal attempts to close down a big crypto tax loophole. Crypto Included in New […]

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South Korean lawmaker: Delaying tax laws on crypto is ‘inevitable’

“In a situation where the relevant taxation infrastructure is not sufficiently established, the deferral of taxation on virtual assets is not an option, but an inevitable situation,” said Noh Woong-rae.

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IRS, Janet Yellen Press Lawmakers to Push ‘Tax Compliance Agenda’ — Banks to Report Deposits, Withdrawals of $600

On Wednesday, U.S. Internal Revenue Service (IRS) commissioner Charles Rettig and Janet Yellen, the Treasury secretary, urged lawmakers to give the IRS permission to report annual inflows and outflows from American bank accounts. Regardless of tax liability, financial institutions across the country will have to report accounts with at least $600 worth of transactions or […]