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FTX Challenges IRS $24B Tax Claim, Citing Unsubstantiated Figures

FTX’s legal team noted in the filing that paying the $24 billion could impede the repayment of funds to the exchange victims. Lawyers representing the bankrupt cryptocurrency exchange FTX have contested the United States Internal Revenue Service (IRS) claim of $24 billion in unpaid taxes. The attorneys insist that the IRS must substantiate its demands, urging the tax agency to provide evidence supporting its assertion. In a recent filing with a Delaware bankruptcy court on November 10, the...

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IRS Intensifies Efforts to Combat Crypto-related Tax Evasion

According to a report from the Internal Revenue Service (IRS) criminal investigations division, tax evasion has emerged as a significant area of focus in crypto investigations. More than half of all probes conducted in the last fiscal year were related to tax matters. This news coincides with the IRS actively seeking input from stakeholders on its upcoming framework centered around cryptocurrencies. Crypto Tax Crimes Surged The report indicates that three years ago, more than...

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IRS Extends Comment Period for Crypto Reporting Regulations Amid Public Interest Surge

In response to the widespread interest and concern generated by its proposed crypto reporting regulations, the Internal Revenue Service (IRS) has decided to extend the comment period by an additional two weeks. This move grants stakeholders more time to express their opinions, with the new deadline of November 13, 2023. Previously, stakeholders were required to submit comments on the proposed regulations by October 30, 2023. IRS Grants Extra Time for Public Input The Treasury...

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Coinbase Urges IRS to Reconsider Proposed Tax Rules, Citing Privacy Concerns 

Aside from Coinbase has raised concerns about the potential adverse impact of the proposed law across various sectors within the digital asset ecosystem. The recent proposal from the US Internal Revenue Service (IRS) regarding crypto tax regulations has drawn strong criticism from Coinbase, the largest cryptocurrency exchange in the United States. Expressing deep concern, the exchange emphasized that the proposed IRS rule could pose a significant threat to both the crypto industry and the...

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Microsoft to Appeal IRS’s $29B Back Taxes Claim

If the appeal process, which could take years, does not result in a unanimous agreement, the corporation would have to settle any unresolved issues in court. The United States Internal Revenue Service (IRS) has informed Microsoft Corp (NASDAQ: MSFT) that it owes back taxes of  $28.9 billion “plus penalties and interest” for the tax years 2004 through 2013. In an 8-K filing on Wednesday, the corporation revealed that it had received Notices of Proposed Adjustment (NOPAs) from the IRS....

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US Treasury and IRS Propose Cryptocurrency Reporting Rules for Brokers

The United States Government Accountability Office (GAO) warns that “limits on third party information reporting to the IRS is an important factor contributing to the tax gap, which is the difference between taxes legally owed and taxes actually paid”.  The United States  Department of the Treasury and the Internal Revenue Service (IRS) have jointly released a proposed set of cryptocurrency regulations requiring brokers to report gains and losses incurred during the sale of cryptocurrency...

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IRS Rules Crypto Staking Rewards as Taxable Income

The Internal Revenue Service (IRS) has ruled that U.S. cryptocurrency investors must include staking rewards in their gross income since crypto assets are treated as property for federal income tax purposes. According to an official document, taxpayers must include the fair market value of their staking rewards in their gross income as soon as they gain control of the crypto assets. IRS Declares Crypto Staking Rewards Taxable In the Proof-of-Stake consensus mechanism, crypto...

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The IRS Is Revamping Its 2022 Crypto Reporting Requirements

Following record-high adoption in 2022, the Internal Revenue Service (IRS) is revamping its crypto reporting requirements. The IRS Is Upping the Ante on Its Crypto Reporting Requirements For starters, the IRS is no longer referring to crypto as “virtual currencies” but as “digital assets.” On your 1040 income tax form, you will now be asked the following question: At any time during 2022, did you: (a) receive (as a reward, award, or payment for property or services); or...

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Opinion: A Republican-Led House Will Diminish the Biden Anti-Crypto Agenda

Not long ago, the Republican dominated House of Representatives passed a bill to decrease funding for the Internal Revenue Service (IRS) by $70 billion. The bill is slated to wipe out support for the 87,000 agents being hired by the Biden administration, and most Americans are breathing a sigh of relief right about now. Biden Is Getting a Taste of His Own Medicine For crypto holders, the news is way better than expected. The fact is that the Biden administration has...

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