Internal Revenue Service

IRS delays implementation of reporting $600 threshold to ease taxpayers’ transition
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29 December, 2022

IRS delays implementation of reporting $600 threshold to ease taxpayers’ transition

Following an in-depth consultation, the IRS said it is pushing back the implementation of a new reporting threshold to the...
IRS braces for spike in digital asset tax fraud in coming weeks
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8 November, 2022

IRS braces for spike in digital asset tax fraud in coming weeks

Jim Lee, head of the IRS criminal investigation department, noted that the cases are in their “hundreds,” with the bulk...
IRS expands digital assets tax category to include NFTs
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31 October, 2022

IRS expands digital assets tax category to include NFTs

The IRS has amended “virtual currency” to “digital assets” in the 2022 tax year draft instructions, expanding the category to...
IRS hunts digital currency tax cheats with M.Y. Safra bank summons
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26 September, 2022

IRS hunts digital currency tax cheats with M.Y. Safra bank summons

The summons, often referred to as a "John Doe" summons, seeks information on customers of SFOX who may not have...
IRS court filings pursue SFOX to turn in user details for tax auditing
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13 August, 2022

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...
Coin Center sues US Treasury and IRS over unconstitutional digital currency tax reporting rule
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14 June, 2022

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...