Bookmarking Crypto Insights
Auto Added by WPeMatico
The enforcement of a requirement for brokers to report gains made by crypto investors has been postponed by the U.S. Treasury Department and the IRS. The new tax rules, incorporated into the $1 trillion infrastructure bill passed by the U.S. Congress in 2021, were to be imposed in 2023. Crypto Brokers Told to Comply With … Read more
Will your losses to FTX be classified as capital losses or as a “theft loss” that involved a Ponzi scheme? Either way, you’ll probably win. Go to Source Powered by WPeMatico
The government of Argentina has signed a data sharing agreement with the U.S. to enhance the cooperation of the countries in the tax arena. The agreement, which was signed by Sergio Massa, minister of economy of Argentina, and U.S. ambassador Marc Stanley, will allow the Argentine national tax authority to receive information from accounts and … Read more
The Internal Revenue Service (IRS) is building “hundreds” of crypto cases to crack down on tax evasion, an official reportedly said. In the fiscal year 2022, the IRS Criminal Investigation Division seized about $7 billion in cryptocurrency, which was double the previous year’s total. IRS Building ‘Hundreds’ of Cases to Crack Down on Tax Evasion … Read more
The criminal investigation division of the IRS says it is preparing hundreds of crypto-related cases for the upcoming tax season. Go to Source Powered by WPeMatico
IRS broadens the classification of crypto, Ripple gets another point in a case against SEC, and Hong Kong considers its own regulatory framework in opposition to China. Go to Source Powered by WPeMatico
The Internal Revenue Service (IRS) has updated the crypto section in the 2022 draft instructions for tax form 1040. “For example, digital assets include non-fungible tokens (NFTs) and virtual currencies, such as cryptocurrencies and stablecoins,” the tax agency detailed. New IRS Instructions for Tax Form 1040 The Internal Revenue Service (IRS) released its 2022 draft … Read more
An early draft of the 2022 IRS tax form sees cryptocurrencies, stablecoins and nonfungible tokens grouped under a new ‘Digital Asset’ category. Go to Source Powered by WPeMatico
IRS rules weren’t ready for the Ethereum upgrade. It’s unlikely to become the fiasco that taxpayers experienced when Bitcoin forked in 2017, but there are measures they can take to prepare for whatever the IRS decides. Go to Source Powered by WPeMatico
The Internal Revenue Service (IRS) has obtained a “court order authorizing summons for records relating to U.S. taxpayers who failed to report and pay taxes on cryptocurrency transactions.” The IRS commissioner commented: “The government’s ability to obtain third-party information on those failing to report their gains from digital assets remains a critical tool in catching … Read more
