Internal Revenue Service Archives

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8 August, 2023

IRS: Staking rewards are taxable income

Once an investor has dominion and control over the staking rewards, they become taxable income, says the IRS in latest...

US federal judge rules Kraken must hand over user information to IRS

Business

James Field

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5 July, 2023

US federal judge rules Kraken must hand over user information to IRS

Following the rejection of Kraken’s opposition to the IRS request, the exchange is now obliged to hand over 160M transaction...

IRS, DHS, DEA form new task force targeting ‘crypto’ crime

Business

Steve Kaaru

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23 June, 2023

IRS, DHS, DEA form new task force targeting ‘crypto’ crime

The three have partnered with the Office for US Attorneys and Postal Inspection Service to target crypto drug trafficking, money...

Business

Steven Stradbrooke

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12 May, 2023

US taxman seeks $44 billion from what’s left of FTX/Alameda

The $44 billion claims sought by the IRS target the collapsed crypto empire of SBF, including entities such as West...

Business

James Field

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1 May, 2023

Kraken ask court to intervene against IRS demands

In a petition filed in San Francisco, Kraken argued that it should not be required to comply with “the enormous...

IRS issues new tax guidance on NFTs: ‘Collectibles’ are taxable

Business

Jordan Atkins

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23 March, 2023

IRS issues new tax guidance on NFTs: ‘Collectibles’ are taxable

Under the proposed guidance, NFTs are covered by the tax law if they have been identified as a "collectible," which...

Rounding up the important digital currency stories from the US this week

Business

Gavin Lucas

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31 January, 2023

Rounding up the important digital currency stories from the US this week

Regulating the sector remains on the cards for the United States, as seen in the recent developments in the space,...

Ralph Wallace: ‘We have to innovate with IPv6 now because we must grab for the gusto’

Interviews

Cathy Resurreccion

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16 January, 2023

Ralph Wallace: ‘We have to innovate with IPv6 now because we must grab for the gusto’

Ralph Wallace shared on the sidelines of the Future Networks World Forum in Montreal how the U.S. task force uses...

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

Business

Wahid Pessarlay

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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

Business

Wahid Pessarlay

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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

Business

Steve Kaaru

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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

Business

Gavin Lucas

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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...

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