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The U.S. Department of Justice (DOJ) has requested federal agencies stop signing appreciation letters for Binance. The exchange used these letters as proof they are actively helping these agencies in criminal probes. However, this behavior seems to have bothered agents of these state organizations, who argue the exchange is bound to cooperate with these investigations … Read more
The U.S. has sentenced a creator of video streaming and downloading websites to prison for 12 months and one day. The feds also seized $3.9 million from him, including more than $1 million in cryptocurrency. Man Sentenced to Jail for Copyright Infringement and Tax Evasion, His Cryptocurrency Seized The U.S. Department of Justice (DOJ) announced … Read more
On Friday, the public interest law firm New Civil Liberties Alliance (NCLA) filed an opening brief in the cryptocurrency case of James Harper v. Charles P. Rettig. The NCLA argues that Harper’s Fourth and Fifth Amendment constitutional rights were violated by the Internal Revenue Service (IRS). The U.S. tax agency is accused of obtaining Harper’s … Read more
John McAfee asserted in an extradition hearing in Spain that the tax evasion charges aimed against him are politically motivated. Go to Source Powered by WPeMatico
The U.S. authorities are becoming seriously interested in crypto, making unreported crypto more dangerous. Go to Source Powered by WPeMatico
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 … Read more
“Most crypto, virtual currencies are designed to stay off the radar screen,” said Charles Rettig. Go to Source Powered by WPeMatico
Coins earned by staking have been “created” and are not taxable until sold according to one couple in the U.S. Go to Source Powered by WPeMatico
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 … Read more
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 … Read more
