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IRS Under Congressional Scrutiny for Alleged AI Surveillance of Americans’ Financial Records

AI Surveillance

The House Judiciary Committee has initiated an inquiry into the Internal Revenue Service (IRS) amidst allegations of employing artificial intelligence (AI) to surveil Americans’ financial transactions. Prompted by revelations from an undercover tape capturing an IRS employee hinting at a widespread surveillance operation, the inquiry seeks to ascertain the legality and extent of such practices. […]

IRS Enhances Digital Assets Strategy with Key Executive Appointments

IRS Enhances Digital Assets Strategy with Key Executive Appointments

In a strategic move to bolster its digital assets programs, the Internal Revenue Service (IRS) has announced the appointment of two new executive advisors. These appointments come at a critical time as the IRS seeks to enhance its service, reporting, compliance, and enforcement efforts in the rapidly evolving digital asset sector.  The integration of digital […]

IRS boosts crypto expertise with Binance.US ex-exec hire

IRS

The U.S. Internal Revenue Service (IRS) has announced the hiring two notable former executives from the cryptocurrency industry. This development comes as the tax authority prepares for the upcoming tax season, emphasizing its commitment to strengthening its expertise in the rapidly evolving digital asset space. Sulolit “Raj” Mukherjee, previously the global head of tax at […]

Denver pastor accused of crypto-fraud spotted in Zambia amid legal troubles

Denver pastor

Eligio Regalado, the Denver pastor facing accusations of misappropriating $1.3 million through a cryptocurrency investment scam, has been seen in the Zambian capital, Lusaka, just days after reportedly failing to appear in court. Regalado was seen preaching about God and finance at the Glory Shift Conference. Regalado and his wife face charges of defrauding their […]

Temporary relief for crypto businesses as IRS delays enforcement of reporting rules

Temporary relief for crypto businesses as IRS delays enforcement of reporting rules

The U.S. Treasury Department and the Internal Revenue Service (IRS) have recently announced a significant postponement in enforcing new reporting requirements for digital asset transactions. This delay is a notable development in the financial and cryptocurrency sectors, as it marks a temporary relief for businesses grappling with the evolving landscape of crypto regulations. The Infrastructure […]

Americans to face felony charges by the IRS over crypto

Americans to face felony charges by the IRS over crypto

In a significant shift in regulatory approach, American cryptocurrency users are now under heightened scrutiny from the Internal Revenue Service (IRS). A new mandate requires U.S. citizens to report any digital asset transactions worth more than $10,000 within 15 days. Failure to comply with this directive could result in felony charges, marking a stringent step […]

IRS-CI counts down top 10 cases of 2023 – Crypto tops with 4 counts

IRS

The Internal Revenue Service’s (IRS) Criminal Investigation branch made a list of the top ten “most prominent and high-profile” cases it examined in 2023, four of which involved cryptocurrency. Our investigators took down international tax schemes that preyed on people’s personal information, investigated multi-level marketing schemes involving cryptocurrency, and uncovered one of the largest fraud […]

FTX challenges IRS’s $24 billion tax claim in bankruptcy court

FTX challenges IRS's $24 billion tax claim in bankruptcy court

In an ongoing legal tussle with the Internal Revenue Service (IRS), lawyers for the bankrupt cryptocurrency exchange FTX have challenged the tax authority’s hefty claim for back taxes. The recent developments signal an escalation in the months-long dispute between FTX and the IRS, with significant implications for the company’s creditors and the broader crypto market. […]

The IRS intensifies crypto tax investigations – How much trouble are you in?

IRS

The Internal Revenue Service (IRS) has significantly heightened its scrutiny of cryptocurrency transactions, leaving many individuals and businesses navigating the murky waters of potential tax liabilities. The surge in popularity of cryptocurrencies has not only caught the attention of investors and enthusiasts but has also become a focal point for tax authorities seeking to ensure […]

Why Coinbase thinks IRS will sink the crypto industry

IRS U.S.

Coinbase, a pivotal player in the crypto space, has sounded the alarm bells. Paul Singh Grewal, the exchange’s chief legal officer, is challenging the community to push back against the U.S. Treasury’s looming crypto tax reporting reforms. The crux of the concern? This isn’t just about taxes; it’s about the very foundation on which the […]

Coinbase’s Grewal critiques treasury’s crypto tax reporting plan

Coinbase

Coinbase’s Chief Legal Officer, Paul Singh Grewal, has expressed strong concerns over the U.S. Treasury’s proposed cryptocurrency tax reporting regulations. Taking to X, the platform formerly known as Twitter, Grewal urged the cryptocurrency community to rally against the impending regulations, cautioning about the potential for increased surveillance. On August 25, the U.S. Internal Revenue Service […]

Coinbase challenges IRS over new crypto tax regulations, cites ‘unchecked surveillance’

Coinbase challenges IRS over new crypto tax regulations, cites 'unchecked surveillance'

On Thursday, Coinbase cryptocurrency exchange opposed tax regulations by the Internal Revenue Service (IRS). In a detailed 14-page letter, the crypto behemoth outlines its concerns, stating that the new rules would result in “unchecked surveillance” over American citizens. Significantly, this letter arrives amid mounting tension as lawmakers and financial institutions grapple with the fast-paced evolution […]

Microsoft reveals massive $29b audit request from U.S.

Microsoft under scrutiny by EU for bundling practices

With financial shockwaves reverberating from Redmond to Wall Street, Microsoft finds itself on the sharp end of a $28.9 billion tax bill. The staggering figure was handed down by none other than the U.S. Internal Revenue Service (IRS). The tech juggernaut has, however, expressed its intention to challenge this demand. A Decade of Contentious Tax […]

IRS pushed by U.S. lawmakers: Crypto tax clarity by 2026

IRS U.S.

The IRS finds itself in the crosshairs of congressional scrutiny as prominent U.S. senators demand rapid action on crypto tax requirements. There’s a growing consensus that the agency’s lethargy could cost the federal coffers significantly, and some believe this could be the window the crypto industry needs to wriggle out of oversight. Mounting Pressure for […]

Here’s how IRS’s broker reporting proposed rules will kill crypto in America

IRS

Infrastructure and Jobs Act (IIJA) was enacted nearly two years ago; it expanded broker information reporting to digital asset transactions and required Internal Revenue Service (IRS) rulemaking to implement the law. The long-awaited IRS proposal arrived late last month, and it could end crypto in America. The proposed regulation would require newly designated brokers to […]

IRS CI leads global effort to train Ukraine in cybersecurity

JasperArt 2023 09 24 23.53.31 upscaled

The IRS Criminal Investigation (CI) has teamed up with international partners to provide advanced training to Ukrainian law enforcement. The focus is combatting cybercrime, with a keen eye on the intricacies of cryptocurrencies and blockchain-based tracking. Moreover, the Dutch Fiscal Information and Investigation Service (FIOD) and the UK’s His Majesty’s Revenue and Customs (HMRC) have […]

Senators Warren and Sanders demand accountability from crypto tax evaders

Elizabeth Warren, Bernie Sanders urge closure of ‘$50 billion crypto

Democratic Senators Elizabeth Warren (D-Mass.), Bob Casey (D-Pa.), and Richard Blumenthal (D-Conn.) have teamed up with Bernie Sanders (I-Vt.) to push for the timely implementation of cryptocurrency tax reporting regulations. In a letter addressed to the chiefs of the Treasury and the Internal Revenue Service (IRS), the senators expressed concern that time was running out […]

IRS ruling requires crypto investors to report staking rewards as taxable income

Crypto staking rewards must count as taxable income, IRS says

The Internal Revenue Service (IRS) issued a crucial ruling on Monday, affecting cryptocurrency investors engaged in proof-of-stake networks. According to the judgment, investors who receive rewards for validating activities must include the value of those tokens as part of their taxable income in the year they gain ownership of them. This legal analysis specifies that […]

IRS wins battle against Kraken to disclose customer information

The Internal Revenue Service (IRS) has obtained a federal court order requiring cryptocurrency exchange Kraken to provide account and transaction information. The IRS stated that it needed this information to investigate potential tax underreporting by Kraken’s users. The court petition was filed in the Northern District of California in February, shortly after Kraken settled charges […]

IRS aids Ukraine in tracking crypto transactions of Russian sanctions evaders

IRS Aids Ukraine in Tracking Cryptocurrency Transactions of Russian Sanctions Evaders

The IRS Criminal Investigation Division is intensifying its collaboration with overseas counterparts, particularly Ukrainian investigators, to target Russian individuals who may be using cryptocurrencies to conceal their assets in the wake of Russia’s invasion of Ukraine. The agency is working closely with Chainalysis, a leading blockchain analytics firm, to provide specialized tools and training to […]

Ukraine receives crypto investigation training from US IRS and Chainalysis

Ukraine

In an international move to intensify the clampdown on those avoiding cryptocurrency sanctions imposed on Russia, the United States Internal Revenue Service (IRS) has joined forces with the blockchain intelligence company, Chainalysis. This collaboration aims to equip and guide Ukraine’s law enforcement agencies to conduct comprehensive investigations to unveil those who are illicitly safeguarding their […]

US government to liquidate over 41k BTC connected to Silk Road

US government to liquidate over 41k BTC connected to Silk Road

The United States government is in the process of liquidating more than 41,000 Bitcoin seized as part of their case against Silk Road creator Ross Ulbricht. A filing with the U.S. District Court for the Southern District of New York on March 31 showed that authorities had begun liquidating the remaining 51,352 BTC seized from […]

NFTs could face 28% capital gains tax in the US: Here is what you need to know

The United States Internal Revenue Service (IRS) has announced plans to release guidance on taxing nonfungible tokens (NFTs) as collectibles under the U.S. tax code. In an open notice issued on March 21, the IRS asked for public feedback on how NFTs should be treated regarding taxation. As per the IRS, collectibles in U.S. tax […]

How to File Crypto Taxes: Easy Guide for Beginners in 2023

how to file crypto tax

As early as November 2022, the Internal Revenue Service (IRS) has encouraged taxpayers to take simple steps before the end of the year to make filing their 2022 federal tax return easier. With a little advance preparation, a preview of tax changes, and convenient online tools, taxpayers can approach the upcoming tax season with confidence. Filers […]

U.S. authorities to heighten their surveillance of the cryptocurrency industry in 2023

U.S. authorities to heighten their surveillance of the cryptocurrency industry in 2023

After Bitcoin’s genesis block initiated a dynamic upheaval of financial services and other industries with the introduction of blockchain technology 14 years ago, U.S. authorities are now investing more time in understanding cryptocurrencies and their potential economic consequences. On Dec. 14, the Financial Accounting Standards Board (FASB) conducted its first agenda consultation with investors in […]

IRS expands crypto question on tax forms 1040

IRS

The US Internal Revenue Service has continued looking for extended crypto investors’ details. The ongoing global changes and increased regulations demand detailed answers from taxpayers regarding crypto. IRS has expanded the area in form 1040, which included a query about crypto investments. The updated form has been expanded and includes some new questions. It had […]

What is crypto tax-loss harvesting?

What is crypto Tax Loss harvesting

TL;DR Breakdown The concept of loss and gain in the crypto market is essential as this investment can incur either gains or losses. Due to the volatile nature of the market, there are chances that you come across losses or gains depending on the coin you have invested in. Since the recognition of crypto investment […]

IRS to monitor crypto transactions with AI and machine learning

income tax

TL;DR Breakdown The IRS is seeking to closely monitor crypto transactions. It is seeking to automate and digitize its processes. Ensuring crypto compliance is a huge challenge. IRS increased crypto transaction monitoring The United States Internal Revenue Service (IRS) ) has released a statement that details its intention to monitor and trace cryptocurrency transactions using artificial intelligence […]

Protect PoS with carefully-written tax policy, U.S. legislators urge IRS

tax policy

The importance of tax policy to support PoS (Proof of Stake) technology was highlighted in the letter sent by members of the United States Congress Blockchain Caucus. The group implored the Internal Revenue Service (IRS) in a letter to protect PoS technology from overtaxing. In the letter, members of the caucus outlined the reasons for […]

IRS to use Coinbase Analytics through a contract with Coinbase

Coinbase Analytics

The United States Internal Revenue Service (IRS) has acquired the software license for Coinbase Analytics in a recent deal with the crypto exchange. Public records show that the IRS has signed a contract with Coinbase to use its Coinbase Analytics software for a period of one year. According to the Sam.gov database, the deal was […]

IRS cryptocurrency taxation laws are tightening

IRS cryptocurrency taxation law are tightening

The Internal Revenue Service (IRS) is going hard on crypto organizations, and IRS cryptocurrency taxation laws would be a taxation collar around the digital currency workers. In the latest, a statement was issued by the Internal Revenue Service (IRS) on work soliciting and consulting services, in order to aid in a taxpayer examination that involves […]

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