Ralph Wallace shared on the sidelines of the Future Networks World Forum in Montreal how the U.S. task force uses IPv6 and how to start innovating with this new iteration of the internet.
Following an in-depth consultation, the IRS said it is pushing back the implementation of a new reporting threshold to the 2023 tax year to help taxpayers prepare and avoid confusion.
Jim Lee, head of the IRS criminal investigation department, noted that the cases are in their “hundreds,” with the bulk being in the field of “off-ramping” transactions.
The IRS has amended “virtual currency” to “digital assets” in the 2022 tax year draft instructions, expanding the category to include NFTs and stablecoins.
The summons, often referred to as a "John Doe" summons, seeks information on customers of SFOX who may not have reported their digital currency gains on tax returns.
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.
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.
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.
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.
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.
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.
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.
