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In a letter addressed to Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel, two members of Congress raised concerns about the tax compliance practices in crypto. Go to Source Powered by WPeMatico
The U.S. Internal Revenue Service (IRS) said it’s working closely with Ukraine to help it trace crypto transactions of Russian sanctions evaders. The agency is providing the Ukrainians access to a Chainalysis tool as well as specialized training to Ukrainian law enforcement. IRS Offers Ukraine Tools From Chainalysis to Trace Russian Blockchain Transactions The criminal … Read more
A public-private partnership with blockchain analytics firm Chainalysis has played a key role in helping the Internal Revenue Service solve cryptocurrency-related crimes. Go to Source Powered by WPeMatico
A recently published study appears to advocate for the isolation of crypto assets from other tax deductions, where losses are concerned. Go to Source Powered by WPeMatico
Kraken has joined Coinbase in an effort to push back against the growing regulatory scrutiny by U.S. regulators. Go to Source Powered by WPeMatico
Failing to utilize tax loss harvesting is one of the biggest mistakes people can make on their tax returns, according to the head of tax at Koinly. Go to Source Powered by WPeMatico
On April 14, 2023, the Department of Justice (DOJ) for the Southern District of New York revealed that the hacker responsible for the Silk Road marketplace breach had been sentenced to a year in prison for wire fraud charges. James Zhong stole more than 50,000 bitcoin from the darknet marketplace (DNM) in September 2012. DOJ … Read more
A change to R&D tax rules means that a tech company could lose more than $1 million — but still be on the hook for hundreds of thousands in taxes. Go to Source Powered by WPeMatico
According to two sources close to FTX, Sam Bankman-Fried, the disgraced co-founder, gave his father, Stanford Law professor Joseph Bankman, millions of dollars. The funds are reportedly being used to pay for legal costs. The sources said that Bankman-Fried allegedly gave “at least $10 million” from the now-defunct quantitative trading firm Alameda Research to his … Read more
We don’t tax houses while they’re under construction, and we shouldn’t impose taxes on cryptocurrency while it’s staked. Go to Source Powered by WPeMatico
