Time Is Running Out for Crypto Leaders to Reason With the IRS
Time Is Running Out for Crypto Leaders to Reason With the IRS Source
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IRS
Coin Center on the Proposed IRS Broker Rules
The so-called broker rule, laid out by the IRS in a tax reporting proposal has been at times called unconstitutional, unprecedented in scope and an existential threat for the cryptocurrency industry. Indeed, by expanding the definition of a broker — a well-defined term in the context of traditional finance, with
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What the IRS Gets Wrong About DeFi and Crypto in Its Latest Tax Reporting Proposal
The APA requires a reviewing court to set aside agency action that is “arbitrary, capricious, an abuse of discretion, or otherwise not in accordance with law,” “contrary to constitutional right,” “in excess of statutory jurisdiction,” or “unsupported by substantial evidence.” The proposal, if finalized, would fail each requirement. Source
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The IRS and the Rising Cost of Crypto Tax Compliance
David Kemmerer anticipates the unintended consequences of proposed new regulations on brokers reporting crypto transactions. Expensive “tax experts” are set to benefit financially, he says, even if ordinary investors won’t. Source
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Crypto Tax Proposal Open for Revision, IRS Officials' Questions Suggest
While crypto representatives and lawyers cautioned the U.S. Internal Revenue Service (IRS) that its crypto tax proposal is a dangerous and improper overreach, questions posed by a panel of IRS and Department of the Treasury officials at a Monday hearing may reveal some flexibility in the rule as it's still
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Crypto advocacy group pushes back against proposed IRS rules on brokers
The Blockchain Association, a United States-based cryptocurrency advocacy group, has submitted a comment letter mainly in opposition to tax regulations proposed by the Internal Revenue Service (IRS).In a Nov. 13 letter, the Blockchain Association (BA) said proposed IRS rules introduced in August aimed at regulating the sale and exchange of
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The IRS Is Making Crypto Compliance Impossible
The 6045 digital asset broker regulations are likely to greatly increase the cost of filing your crypto taxes, says Kirk David Phillips, CPA. Source
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The IRS Should Offer a Free Tax Reporting Tool to DeFi Users
Taxpayers already have many crypto-tax vendors to choose from when compiling information for their tax returns, such as Token Tax, Koinly and Zen Ledger. Due to the transparency and traceability of public blockchain transactions, users simply input their pseudonymous digital wallet addresses and receive a complete, itemized and forgery-proof record
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The IRS Should Heed This Warning
Further, serious consideration should be given to excluding digital assets outside of the investment context. . For example, as the IRS itself recognizes, many non-fungible tokens (NFTs) simply offer “ownership or license interests in artwork or sports memorabilia” analogous to physical souvenirs. So the IRS should limit reporting requirements for
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Expect new IRS crypto surveillance to come with a surge in confiscation
As the Internal Revenue Service (IRS) pushes forward with its proposal to increase cryptocurrency surveillance, a past report might offer a clue for how this information may be used in practice. In short, with the IRS set to keep tabs on Americans’ cryptocurrency usage through an expected 8 billion new
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