Cryptocurrency Analysis and News Portal
There are a few specific cases where this look-through analysis will come in handy already. For instance, the fractionalized NFT platform Otis sells NFTs linked to physical assets like rare books and trading cards, or companies like the BlockBar, a Web3 company focused on NFTs linked to real-life rare wines
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Following the announcement, a section of the crypto community on Twitter has heaped praises on the IRS and Treasury Department for taking such a detailed approach instead of regulating through enforcement. The Internal Revenue Service (IRS) may be contemplating disallowing the addition of NFTs to Individual Retirement Accounts (IRAs). This follows after
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The Internal Revenue Service said they plan to release guidance on having nonfungible tokens, or NFTs, treated as collectibles under the United States tax code.In a March 21 notice, the IRS called for feedback from the U.S. public on how NFTs could be taxed as collectibles. According to the government
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The U.S. Internal Revenue Service is considering whether to tax non-fungible tokens (NFTs) on a par with other collectibles such as stamps, works of art and fine wine, in a move likely to have an impact on those including the digital assets within their retirement plan, according to a document
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The Internal Revenue Service has filed a court document seeking permission to enforce a summons for information against Kraken and its subsidiaries. Source
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Several U.S. House of Representatives Republicans have proposed legislation that would significantly decrease funding for the Internal Revenue Service (IRS). The move comes after the newly elected Speaker, Kevin McCarthy, stated that he would challenge the funding granted to the U.S. tax agency in the previous year. Biden Administration Opposes Bill
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He also “spent bitcoin extravagantly” at strip clubs and on private jet flights. Photos recovered from his cell phone show a lavish evening out at a club: Gary bathing in a tub full of cash, a blissful smile on his face as scantily-clad dancers mingle behind him. A text reveals
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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
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The Internal Revenue Service (IRS) is building “hundreds” of crypto cases to crack down on tax evasion, an official reportedly said. In the fiscal year 2022, the IRS Criminal Investigation Division seized about $7 billion in cryptocurrency, which was double the previous year’s total. IRS Building ‘Hundreds’ of Cases to Crack
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The United States Internal Revenue Service (IRS) criminal investigation division is ramping up for tax season with its sights set on the crypto community.According to a report from Bloomberg Law, the division chief Jim Lee said they are preparing “hundreds” of crypto-involved cases, many of which will soon be available
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