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 being in the field of “off-ramping” transactions.
Latest IRS News
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.
Everyone has a role to play in combating crypto crooks
The final day of the CoinGeek Conference in New York saw Bitcoin Association Founding President Jimmy Nguyen moderating a panel titled, “Investigating Criminal Activity on the Blockchain.”
Closing the tax gap through digital asset issuers
In his latest piece, Johnny Jaswal offers strategies on closing the tax gap via digital assets—with a focus on digital asset issuers.
IRS right to tax mined digital currency as income under consideration in federal court
The court heard arguments from a Tennessee couple who were charged tax on the creation of 8,876 units of Tezos digital currency.
US proposals could require reporting digital currency transactions over $10K to IRS
New proposals being brought forward by the U.S. Treasury Department could see a new requirement to report digital currency transactions of over $10,000 to the IRS.
Tom Emmer seeks ‘safe harbor’ for taxpayers holding forked assets
The Safe Harbor for Taxpayers with Forked Assets Act seeks to protect taxpayers that own forked assets from any penalties and fees that the IRS may try to impose on them for holding those assets.
IRS: We will seize digital assets for taxes owed
The IRS says it is improving its ability to track users' digital asset holdings and even seize those assets if it's owed.
Binance under investigation by IRS and DoJ
Binance is under investigation by the Inland Revenue Service (IRS) and U.S. Department of Justice (DoJ), according to a report by Bloomberg.
North Carolina judge orders Kraken to report customer details to IRS
As per the ruling, personal information on users who have exceeded the threshold will now be turned over to the IRS, in a bid to help root out failures of disclosure to the tax agency.
Bitcoin mixer kingpin linked to $336M laundering arrested
Roman Sterlingov, the Russian-Swedish citizen suspected of being the administrator of Bitcoin Fog, was charged with his involvement in laundering some 1.2 million BTC over the period.
Ohio lawmaker proposes bill for stricter digital currency tax reporting
Senator Rob Portman said he hoped the bill would attract bipartisan support, as a measure for tackling the problem of undeclared digital currency trading gains.