IRS
IRS stands for Internal Revenue Service which is an official website of the United States. It is the nation's tax collection agency and administers the Internal Revenue Code enacted by Congress.
Kraken Pushes for Crypto Tax Reforms After Issuing 56M Forms in 2025
Kraken calls for US crypto tax reforms, including a de minimis exemption and changes to staking income rules, after issuing 56M tax forms in 2025.
Senate, IRS, and SEC Present Key Crypto Regulatory Updates
The U.S. Senate, IRS, and SEC have unveiled significant developments affecting the cryptocurrency market, including a market structure draft, staking tax guidance, and a project focusing on crypto framework.
Major Regulatory Developments in Crypto: BitMEX, IRS, and SEC Updates
Explore recent crypto regulatory developments including BitMEX's $100M fine, IRS rules on DeFi, and SEC actions impacting major players in the crypto space.
IRS Investigates Evolving Crypto Crimes with Advanced Strategies
Explore how the IRS Criminal Investigation unit tackles global crypto crimes with innovative strategies and international collaborations, as discussed in Chainalysis' podcast episode 145.
Benefits of Paying Independent Contractors in Cryptocurrency: Challenges and Solutions
Independent contractors face complex legal landscapes, including IRS and FLSA guidelines, and misclassification risks. Cryptocurrency payments like Rise offer anonymity, but clear contracts and accurate records are crucial.
IRS Introduces New Form 1099-DA for Reporting Income from Digital Asset Transactions
The US IRS has introduced Form 1099-DA for cryptocurrency brokers to report digital asset transactions, aiming to improve compliance and ensure accurate tax reporting from digital assets starting January 1, 2025.
IRS Expects Surge in Crypto Tax Crime Cases as Tax Season Concludes
The US Internal Revenue Service (IRS) is bracing for an increase in crypto tax crime cases as taxpayers file their returns on April 15. IRS criminal investigation chief Guy Ficco predicts a rise in charged Title 26 crypto cases this year and beyond. While crypto has been associated with various financial crimes in the past, Ficco anticipates a surge in "pure crypto tax crimes" in the future.
Brazil's Tax Authority Cracks Down on Unreported Bitcoin Holdings
The Brazilian Federal Revenue Service identifies over 25,000 individuals with undeclared bitcoins, leveraging advanced technologies to enforce tax compliance in the cryptocurrency sector, signaling increased scrutiny and regulatory measures for crypto investors.
IRS Delays Crypto Reporting Requirements for US Businesses
The IRS delays enforcing crypto transaction reporting requirements for US businesses, pending a comprehensive regulatory framework. This follows the crypto community's concerns over the practical challenges of complying with the Infrastructure Investment and Jobs Act's rules.
IRS's $24 Billion Tax Claim Threatens Recovery for FTX Victims
The IRS's $24 billion tax bill against bankrupt FTX complicates recovery for victims, as FTX challenges the claim, claiming lack of basis and threats to compensation funds.
U.S. Senators Urge Treasury and IRS for Swift Cryptocurrency Tax Rule Implementation
A group of U.S. Senators has expressed concern over a two-year delay in implementing tax reporting requirements for crypto brokers, urging the Treasury Department and IRS to expedite the process to close the crypto tax gap, provide clarity for taxpayers, and secure billions in lost tax revenue. The delay contradicts the directives of the Infrastructure Investment and Jobs Act and gives leeway to crypto lobbyists opposing the rule.
Chairman McHenry Sharply Criticizes U.S. Treasury and IRS Over Digital Asset Reporting Proposals
House Financial Services Committee Chairman Patrick McHenry expresses concerns over proposed digital asset reporting requirements, urging the Biden Administration to collaborate with Congress to establish clear regulations and protect market participants' privacy.
US Treasury and IRS Propose New Regulations on Digital Asset Reporting
The US Department of the Treasury and the IRS have issued proposed regulations to improve transparency and compliance in the digital asset sector. Starting Jan. 1, 2025, brokers must report gross proceeds, payee statements, and gain/loss and basis information for sales. The regulations aim to close the tax gap and ensure uniformity in tax rules.
U.S. IRS Clarifies Taxation on Crypto Staking Rewards
IRS ruling classifies crypto staking rewards as taxable income, potentially impacting prices of PoS-based cryptos like Ethereum.
US Court Backs IRS in Part Against Kraken Over Tax Rules
The United States District Court, Northern District of California, has partially upheld a summons issued by the Internal Revenue Service (IRS) to Payward Ventures, Inc. and its subsidiaries, collectively known as "Kraken". Kraken, a prominent online crypto exchange, has been under scrutiny for its compliance with tax regulations.