IRS Financial News

28.04 / 20:09

Law regulation IRS Research Taxes Framework Tax law researchers propose IRS framework for deducting crypto losses

Researchers at Indiana University and the University of Maine recently published a study examining the current state of cryptocurrency tax law in the United States. The research concludes with recommendations for the Internal Revenue Service (IRS) that, if adopted, would prevent taxpayers from weighing crypto losses against other capital gains.

28.04 / 11:29

Ethereum Adoption regulation IRS Taxes Revolut Bitcoin reports Koinly Revolut taps Koinly for automated cryptocurrency tax reports

As cryptocurrencies increasingly fall under the purview of global tax authorities, digital bank Revolut has integrated an automated tax reporting service for its users.

27.04 / 11:15

business regulation coinbase IRS Kraken Kraken asks San Francisco court to intervene against IRS demands

Crypto exchange Kraken is taking the fight against the United States Internal Revenue Service (IRS) and its demand to present critical exchange user information to the court. The exchange deemed IRS’s demand for customer information as an “unjustified treasure hunt.”

14.04 / 13:09

UPS Provident IRS Tax week Crypto Holders Face Tricky Tax Situations as US Taxes Due Next Week – Here's What You Need to Know

Crypto investors in the US are finding themselves in tricky tax situations, with many of them still struggling with losses from last year’s market downturn and the many bankruptcies that occurred.

10.04 / 23:35

regulation IRS Taxes Startups Tax reduction tech startups New R&D tax rules could bankrupt your blockchain startup

The new R&D law has overly broad language that states “any and all” software development must be amortized over five years if the development took place in the United States, or over 15 years if the work was done overseas. The change doesn’t sound so bad on its surface; some argue it might even create more tech jobs in the U.S.

27.03 / 19:09

CBDC NFT regulation IRS Congress Senate Ted Cruz and Ron DeSantis take on the ‘digital dollar’: Law Decoded, March 20–27

Two lawmakers in one week weighed in against the possibility of a United States central bank digital currency (CBDC). Florida Governor Ron DeSantis — expected by many to throw his hat into the ring for the 2024 U.S. presidential race — has called for a ban on a digital dollar in the state. DeSantis spoke out against the Federal Reserve issuing and controlling a CBDC, claiming the initiative would grant “more power” to the government.

21.03 / 20:57

NFT regulation IRS Taxes Collectibles IRS calls for public feedback on taxing NFTs as collectibles

The United States Internal Revenue Service said it plans to release guidance on having nonfungible tokens, or NFTs, treated as collectibles under the U.S. tax code.

28.02 / 16:43

business IRS Taxes Mobile Payments Bitcoin-friendly Cash App integrates TaxBit amid tax-filing season

Mobile payments processor Cash App has integrated crypto tax and accounting software TaxBit into its services, giving Bitcoin (BTC) holders a more streamlined approach to reporting their taxes.

10.02 / 13:47

SEC Legal IRS Kraken Tax DOJ Customers The IRS is Taking Action to Uncover Identities of This Crypto Exchange's Customers – Who Will Be Affected?

According to the Internal Revenue Service (IRS), the American tax authority, Kraken, the giant crypto exchange, failed to provide requested information regarding its US customers who conducted crypto transactions worth $20,000 or more between 2016 and 2020.

07.02 / 23:11

regulation IRS Staking Support ConsenSys releases statement of support for continuation of the Jarrett tax case

ConsenSys issued a statement Feb. 7 in support of the appeal of the of Jarrett v. United States case concerning the taxation of staking rewards. The case originated in a dispute over a refund of about $4,000 that Joshua and Jessica Jarrett claimed on XTZ tokens they validated in 2019.

02.02 / 17:05

Government regulation IRS us government Taxes Bitcoin Mind What crypto hodlers should keep in mind as tax season approaches

Filing taxes for cryptocurrency can be a confusing and daunting task for many individuals. The United States Internal Revenue Service (IRS) treats cryptocurrency as property subject to capital gains taxes. Knowing this appears to make filing crypto taxes simple, but crypto’s unique nature means there are many unanswered questions.

28.01 / 14:05

Adoption regulation IRS Taxes IRS reminds taxpayers of crypto income reporting ahead of 2022 filing

With the deadline approaching for filing the 2022 federal income tax return, the Internal Revenue Service (IRS) — an enforcement agency of United States federal tax laws — released a list of reporting requirements for the general public dealing with cryptocurrencies.

06.01 / 04:47

Blockchain Ethereum Fraud IRS Mutant Ape Planet creator arrested in NY for alleged $2.9M NFT 'fraud'

The developer of a Mutant Ape Yacht Club knock-off collection — Mutant Ape Planet — has been arrested in New York, charged with allegedly “defrauding” investors of $2.9 million in a "rug pull scheme."

06.01 / 00:31

regulation SEC IRS US authorities to intensify scrutiny of crypto industry in 2023

Fourteen years after Bitcoin's Genesis block launched a profound disruption in financial services and other industries through the rise of blockchain technology, United States authorities are finally becoming more interested in cryptocurrencies' future and economic impact.

17.12 / 02:35

business Government Law IRS The outcome of SBF's prosecution could determine how the IRS treats your FTX losses

FTX founder Sam Bankman-Fried has received official criminal charges after the collapse of his cryptocurrency exchange, which is more than just a moral victory for the exchange’s roughly 1 million individual investors. While not locked in yet, things appear to be on track for these investors to take a more favorable tax position as SBF’s fate continues to unravel.

04.11 / 14:09

IRS Taxes Bitcoin IRS prepares for an increase in crypto cases in the upcoming tax season

The United States Internal Revenue Service (IRS) criminal investigation division is ramping up for tax season with its sights set on the crypto community.

20.10 / 20:49

cryptocurrency Stablecoin IRS guidelines US IRS Releases New Reporting Guidelines for Digital Assets

The US Internal Revenue Service (IRS) has released updated guidelines for reporting digital assets, clarifying the taxation of non-fungible tokens (NFTs) and stablecoins as well.

19.10 / 11:59

regulation IRS Taxes IRS introduces broader ‘Digital Assets’ category ahead of 2022 tax year

American taxpayers will find a broader, more defined category encompassing cryptocurrencies and nonfungible tokens (NFTs) in their 2022 IRS tax forms. The draft bill released by the Internal Revenue Service features a well-defined Digital Assets section that outlines if and how taxpayers will account for the use of cryptocurrencies, stablecoins and NFTs.

28.09 / 01:35

Law Ethereum IRS Tax on income you never earned? It’s possible after Ethereum’s Merge

After much buildup and preparation, the Ethereum Merge went smoothly this month. The next test will come during tax season. Cryptocurrency forks, such as Bitcoin Cash, have created headaches for investors and accountants alike in the past.

24.09 / 15:53

IRS Tax IRS Can Now Hunt Down America’s Crypto Tax Evaders After Landmark Ruling

The Internal Revenue Service (IRS) has received authorization from a U.S. district judge to sniff out individuals who attempt to sidestep taxes on their cryptocurrency transactions. The order comes at a time when digital asset adoption is seeing a surge, and the number of crypto tax evaders is subsequently increasing.

23.09 / 12:07

regulation IRS Taxes IRS to summon users who don't report and pay tax on crypto transactions

With the crypto community growing bigger and as trading volumes reach new highs, the United States is also making more effort to ensure that its Internal Revenue Service (IRS) could properly collect cryptocurrency tax.

what you should know about IRS

What is IRS and why is it gaining attention?

IRS is a trending topic that interests a wide audience. On our site, we regularly publish news related to this subject.

Where can I find the latest updates on IRS?

All latest articles about IRS can be found in the special selection. We publish information as it becomes available.

How can I verify the accuracy of information on IRS?

We use verified data to ensure that the information about IRS is accurate and informative for our readers.