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.
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.
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.
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.
The IRS has released revised draft instructions that clarify the virtual currency question that they added to the 1040 tax form.
Brannen Mehaffey processed at least $4 million from January 2018 to March 2020 worth of digital currencies, according to federal authorities.
There are three types of letters, each indicative of the degree to which the IRS thinks individuals are underreporting digital currency transactions.
