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IRS News and Articles



USA

US government will replenish budget through confiscations of crypto

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The Internal Revenue Service (IRS) plans to recover billions of dollars worth of cryptos in delinquent claims next year. During the 2021 fiscal year, the department replenished the treasury under this item by $ 3.5 billion. This is the equivalent of 93% of all seized assets in illegal...

IRS

IRS continues to make proposals to improve crypto regulation

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The United States Internal Revenue Service Commissioner De Lone Harrison said the IRS is still discussing the possibility of introducing new reforms to the taxation of crypto income. The state department proposes to apply new rules, approaches, and procedures for collecting taxes to a business that...

Kraken

IRS will gain access to Kraken customer data

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The US federal court ordered the Kraken cryptocurrency exchange to provide the IRS with information about users who made large transactions in 2016-2020. According to a statement, the IRS has served Kraken with the so-called John Doe summons. The agency is interested in the data of clients who,...

IRS NFT tax

IRS Representative Says NFTs May be Used to Avoid Taxes

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An official of the U.S. Internal Revenue Service (IRS), Charles Paul Rettig expressed his concerns about NFTs describing them as "not visible items by design". While speaking at the Senate Finance Committee hearing, Rettig said non-fungible tokens may be used for tax evasion. When asked...

IRS Circle crypto

IRS Will Get the Information About Circle's Crypto Traders

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The US tax regulator IRS (Internal Revenue Services) will access the details about crypto exchanges above $20,000 that took place on the Circle platform from 2016 to 2020. The US Department of Justice published the decision on April 1. IRS's request to employ John Doe Summons to reach the data was...

Chainanalysis and Integra work with IRS

Chainalysis and Integra Win $1.25 M IRS Agreement

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Software company Chainanalysis together with forensic data analytics organization Integra Fec won $1.25 M contract to supply instruments that crack privacy token monero for IRS. Drifted previous month, the contract suggests a year's partnership which aims to hedge financial operations including...

cryptotax

IRS is mailing Tax Warning notes to digital asset users

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According to the posts on social media, the Internal Revenue Service is directing crypto tax warning notes (dated August 14, 2020) to US taxpayers. This proves another time that the government makes efforts to take the crypto tax space under control. Some users published their letters online. The...

IRS crypto startups tax

US authorities to discuss taxation with crypto startups

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The U.S. IRS has announced plans to host a summit with cryptocurrency startups to discuss an approach to taxing digital assets. This was reported by Bloomberg Tax. The summit is expected to be held on March 3 at IRS headquarters in Washington. During the meeting, four-panel discussions will take...

Internal Revenue Service

Crypto investors receive new income-reporting rules from IRS

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Internal Revenue Service sent new guidance to cryptocurrency holders. The IRS published two documents (a ruling and a question-and-answer paper) on Wednesday. This is the first guidance since 2014, and it contains information about expected methods of reports about income from cryptocurrencies....

Crypto investors receive second round tax warnings from IRS

Crypto investors receive second round tax warnings from IRS

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Internal Revenue Service is addressing a fresh cycle of letters to numerous crypto investors. These letters are informing them that their federal taxes incomes don’t equal the info collected from crypto exchanges. These warnings declare that the error must have occurred because of the exchanges...

The Internal Revenue Service of the US will soon present an updated guide related to Bitcoin and other cryptocurrencies

The Internal Revenue Service of the US will soon present an updated guide related to Bitcoin and ...

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In the next few weeks, the Internal Revenue Service of the US is expected to present an updated version of its guidelines, which have a connection to the Bitcoin and other cryptocurrencies. Changes to the document were made under pressure from a group of more than 20 congressmen, who in April...

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