IRS – Page 11 – DIGIT INFO

More IRS crypto reporting, more danger

The U.S. authorities are becoming seriously interested in crypto, making unreported crypto more dangerous.

IRS Seeks Congressional Authority to Obtain Data on Cryptocurrency Transactions

The U.S. Internal Revenue Service (IRS) says it needs congressional authority in order to obtain the information needed to regulate cryptocurrency. “We get challenged frequently and to have a clear dictate from Congress on the authority for us to collect that information is critical,” IRS Commissioner Charles Rettig said. IRS Says It Needs More Authority […]

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IRS needs congressional authority to handle crypto, says chief

“Most crypto, virtual currencies are designed to stay off the radar screen,” said Charles Rettig.

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Crypto couple tells court the IRS has no right to tax newly mined coins

Coins earned by staking have been “created” and are not taxable until sold according to one couple in the U.S.

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US Treasury Unveils Biden’s Proposed Tax Measures — Cryptocurrency Transfers Over $10,000 to Be Reported to IRS

The U.S. Department of the Treasury has announced measures to crack down on tax evasion involving cryptocurrencies as part of President Joe Biden’s proposed tax compliance measures. Among the measures is a requirement for businesses that receive crypto assets with a fair market value of more than $10,000 to report transactions to the IRS. Treasury […]

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US Lawmaker Pushes for Safe Harbor Legislation to Protect Crypto Investors With Forked Coins

US Congressman Tom Emmer is pushing for safe harbor legislation to protect taxpayers with forked coins. A bill entitled “Safe Harbor for Taxpayers with Forked Assets Act of 2021” has been introduced to prohibit “penalties against taxpayers attempting to report certain gains or losses on ‘forked assets’ until the IRS issues sufficient guidance on how […]

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US lawmaker introduces bill aimed at protecting ‘forked assets’ from IRS

This is the third time Rep. Emmer has introduced the bill to the House of Representatives, but the first with a Democrat in the presidency.

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IRS Will Seize Cryptocurrencies From Investors to Settle Tax Debts, Official Warns

An official of the U.S. Internal Revenue Service (IRS) has clarified that the agency is prepared to seize cryptocurrencies and sell them to satisfy tax collection if taxpayers fail to meet their tax obligations. Robert Wearing, IRS’ deputy associate chief counsel for Procedure & Administration, explained Wednesday that the agency can seize cryptocurrencies from taxpayers, […]

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Binance Faces DOJ Probe as Investigators Target Crypto Money Laundering and Tax Evasion

Binance, one of the largest cryptocurrency exchanges in the world, is now being probed by the Department of Justice (DOJ) under the assumption that it could be immersed in money laundering transactions. The investigation will also include inquiries from the Internal Revenue Service (IRS), which has been recently investigating a number of crypto trading platforms. […]

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Bitcoin drops to $46K, altcoins sell-off as report claims Binance is under investigation

News that Binance could be under investigation by the US Justice Department and IRS triggered a market-wide sell-off which saw Bitcoin price drop to $46,000.

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