IRS court filings pursue SFOX to turn in user details for tax auditing
The filings also mention M.Y. Safra Bank, which partnered with SFOX in 2019 to offer its customers cash deposit accounts backed by the FDIC.
Latest Internal Revenue Service News
Coin Center sues US Treasury and IRS over unconstitutional digital currency tax reporting rule
The tax law amendment requires individuals and businesses that receive $10,000 or more in digital currencies to report the sender's name, date of birth, and social security number to the government.
US interstate tax consortium J5 lists NFT marketplace red flags
In its first guidance on NFTs, J5 listed phishing scams, fake token giveaways, and wash trading as some of the ‘strong’ red flags that users should watch out for.
US Treasury: Digital currency miners, stakers and coders won’t be considered brokers
The U.S. Treasury letter says that coders, stakers, and miners wouldn't have access to information about the sales of securities by taxpayers, so they aren't covered by the regulations.
Arizona senator introduces bill exempting digital currencies from property taxes
Senator Wendy Rogers’ bill also protects the right to run a node on any network and wants to make it legal to pay taxes and fines in any digital currency.
Digital currency ATMs being used for drugs and human trafficking: GAO
U.S. Government Accountability Office said that since digital currency ATMs are not as strictly regulated, they can allow human traffickers to move funds discreetly and recommend tougher measures.
IRS updates digital currency question in 1040 tax form
The tax agency posted its 1040 form last year to ask about virtual assets; however, a query led to confusion among U.S. citizens who wondered if buying and holding counted as a digital currency transaction.
US man pleads guilty to operating $4M unregistered digital currency business linked to criminal activities
Brannen Mehaffey processed about $4 million in digital currencies without registering with the U.S. authorities, some of which were tied to criminal proceeds, officials said.
IRS: Digital currencies are top enforcement priority
An IRS Commissioner has made it clear that companies in the cannabis industry that use digital currencies must pay taxes as they are considered commodities.
Digital currency tax guidance still a priority for IRS
The IRS released a joint Priority Guidance Plan for ‘21-‘22 with Treasury and it lists its intention to issue tax guidance for digital currencies as a priority.
IRS clarifies digital currency tax form instructions
The IRS has released revised draft instructions that clarify the virtual currency question that they added to the 1040 tax form.
Man behind $4M unregistered digital currency business indicted in US
Brannen Mehaffey processed at least $4 million from January 2018 to March 2020 worth of digital currencies, according to federal authorities.