Kraken ordered by court to disclose user data to IRS for tax compliance
Kraken is required to provide details of users who engaged in transactions exceeding $20,000 within a calendar year. Go to Source Powered by WPeMatico
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Five US enforcement agencies form new digital currency anti-crime task force
The agencies have worked together for years, but now their joint efforts are official as they plan to ramp up activity. Go to Source Powered by WPeMatico
Intuit introduces proprietary large language models for fintech with GenOS
Intuit is launching an operating system for generative artificial intelligence that will feature AI models trained on the company’s financial data. Go to Source Powered by WPeMatico
US lawmakers blame crypto firms for ‘tax gap’ in letter to Treasury
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
IRS, Chainalysis Helping Ukraine Track Russians Using Crypto to Evade Sanctions
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
How the IRS seized $10B worth of crypto using blockchain analytics
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
Tax law researchers propose IRS framework for deducting crypto losses
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 asks San Francisco court to intervene against IRS demands
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
‘Biggest mistake’ is not using tax loss harvesting: Koinly head of tax
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
Silk Road Hacker Sentenced to a Year in Prison for Wire Fraud
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
