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. Go to Source Powered by WPeMatico
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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 … Read more
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 … Read more
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. Go to Source Powered by WPeMatico
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, … Read more
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. … Read more
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. Go to Source Powered by WPeMatico
Binance is reportedly under investigation from IRS and Justice Department
The price of Bitcoin and Ether both fell between 3-5% as the report spread across social media. Go to Source Powered by WPeMatico
Court Authorizes IRS to Summon User Records From Kraken Cryptocurrency Exchange
The Internal Revenue Service (IRS) has obtained court authorization to serve a John Doe summons on cryptocurrency exchange Kraken. The tax agency is seeking data of users with $20,000 or more in cryptocurrency transactions during the years 2016 to 2020. IRS Wants User Information From Crypto Exchanges The U.S. Department of Justice (DOJ) announced Wednesday … Read more
Court orders Kraken to provide information on user transactions to the IRS
A court in northern California has ordered Kraken to provide info on users who traded more than $20,000 between 2016 and 2020 to the IRS. Go to Source Powered by WPeMatico
