Early Bitcoin investor jailed for unreported crypto gains in $4M BTC sale
A Texas Bitcoin investor faces prison for failing to report over $4 million in cryptocurrency gains, setting a legal precedent. Go to Source
IRS
Auto Added by WPeMatico
Trump nominates pro-Bitcoin Matt Gaetz as US attorney general
Gaetz’s nomination for US attorney general signals a potential shift in the DOJ’s stance on crypto, innovation and regulatory policies. Go to Source
IRS: Frozen Crypto Rewards Taxable Despite Account Lockdowns
Crypto rewards received before an account freeze are taxable in the year they’re received, even if holders can’t access their funds later, the IRS says. IRS Clarifies Tax Rules for Digital Assets in Locked Accounts The Internal Revenue Service (IRS) issued a memorandum in October, addressing the tax obligations of digital asset rewards in accounts … Read more
Crypto staking Jarretts again sue IRS over block reward taxes
A previous case brought by Josh and Jessica Jarrett was dismissed in 2022 after the IRS conceded to refund some of the tax paid. Go to Source
Fed’s Rate Cut Could Spell Disaster, Microstrategy Buys More Bitcoin, and More — Week in Review
Peter Schiff has warned that the Federal Reserve’s rate cut will lead to economic disaster. Microstrategy, continuing its bitcoin acquisition strategy, plans to buy more bitcoin after raising $1.01 billion from a private offering. A bitcoin investor faces up to three years in prison for underreporting cryptocurrency gains. El Salvador’s President Nayib Bukele announced a … Read more
Binance exec’s mother pleads with US gov’t to secure his release
Detained in Nigeria for more than six months and with reported deteriorating health, Tigran Gambaryan likely won’t return to court until Oct. 9. Go to Source
Bitcoin Investor Faces Prison Time for Underreporting Crypto Gains
A bitcoin investor has pleaded guilty to underreporting his cryptocurrency gains, including $3.7 million from BTC sales, resulting in a tax loss to the Internal Revenue Service (IRS) of over $550,000. The Department of Justice emphasized that taxpayers must accurately report crypto transactions to the IRS. The bitcoin investor now faces up to three years … Read more
CFTC Teams up With SEC to Fight Cryptocurrency Scams
The Commodity Futures Trading Commission (CFTC) has partnered with several organizations, including the Securities and Exchange Commission (SEC), to educate the public about cryptocurrency scams, especially those involving fake romantic relationships. These partnerships aim to help consumers recognize and avoid these “pig butchering” scams, which defraud victims by building false trust and promoting fake cryptocurrency … Read more
Court Sentences Missouri Man to 3 Years in Prison for Crypto and Tax Fraud
Missouri resident Lyell Champagne Jr. has been sentenced to three years in federal prison for fraud and tax offenses involving cryptocurrency. He and his accomplice attempted to steal funds by accessing victims’ bank accounts and filing false tax returns. Law enforcement recovered most of the stolen funds. Champagne pleaded guilty to multiple charges in June … Read more
IRS Unveils Overhauled Crypto Tax Form With No Address Disclosure Requirements
The U.S. Internal Revenue Service (IRS) has unveiled an updated Form 1099-DA for reporting digital asset transactions, introducing key changes that may address past criticism and privacy issues. This new version, reportedly set to be partially implemented in 2025, removes several contentious elements from earlier drafts. IRS Revamps Crypto Reporting Form On Aug. 8, 2024, … Read more
