Tag: irs

Remember the $1 trillion infrastructure bill, which caused considerable backlash from the crypto community due to the language regarding “brokers?” Abe Sutherland, an adjunct professor at University of Virginia School of Law, believes another provision tucked inside the bill could end up being a far more significant issue for anyone transacting in digital assets. Show highlights:...

The tax change would extend the IRS cash payments reporting requirements to bitcoin and cryptocurrencies.According to Publication 1544 of the U.S. Internal Revenue Service (IRS), any person who receives more than $10,000 in cash in 12 months due to a trade or business must report it to the IRS and the Financial Crimes Enforcement Network (FinCEN) on...

Binance, the world's leading crypto...

The U.S. “wash sale rule” gives bitcoin investors the chance to realize tax breaks. Here’s how.Bitcoin has digitized the transfer of value at the speed of the internet. Yet such technological leaps tend to temporarily overload a bureaucracy’s ability to keep up with regulations, laws and taxation. Currently, the IRS designates bitcoin as “property” rather than currency, and characterizes the sale of...

American Tax and Accounting software provider dedicated to the digital currency ecosystem, TaxBit has completed its Series B funding round, raising a total of $130 million from Investors. According to the announcement from the firm, the round was led by IVP and Insight Partners with additional participation including Tiger Global, Paradigm, 9Yards Capital, Sapphire Ventures, The post Crypto Funding: TaxBit Pulls $130 Million...

Kristin Smith, executive director at the Blockchain Association, discusses the latest news on a provision in the infrastructure bill that seeks to raise $28B from the crypto industry in taxes. Show highlights: how the original crypto provision within the infrastructure bill came to be...

The US Senate is set to vote for amendments in the controversial Crypto Tax proposal of the Bipartisan Infrastructure Bill this weekend. Few members of the Senate Finance Committee and Republicans are running against the current $1.2 trillion worth, US infrastructure bill, that plans to radically increase crypto tax and raise nearly $28 billion from The post US Infrastructure Bill: Weekend Vote to...

Christine Parker, partner at Reed Smith, summarizes the slew of regulatory headlines facing Binance and how such scrutiny may affect the exchange going forward. Show highlights: which countries are investigating Binance why it has been...

June 9, 2021 / Unchained Daily / Laura Shin Daily Bits ✍️✍️✍️ The IRS has requested $32M in additional funding to...

House Representative Tom Emmer, of Minnesota, is one of the most active voice for crypto and blockchain in the US government. In this episode, he discusses: what book made Tom fall down the crypto rabbit hole why Tom believes the Financial...

May 27, 2021 / Unchained Daily / Laura Shin Daily Bits ✍️✍️✍️ SEC Commissioner Gary Gensler...

May 21, 2021 / Unchained Daily / Laura Shin Welcome to Unchained Daily ICYMI,...

A tax enforcement proposal from the Biden administration may compel businesses to report bitcoin transactions exceeding $10,000 to the IRS.A tax enforcement proposal from the Biden administration would compel businesses accepting bitcoin transactions of more than $10,000 to report them to the Internal Revenue Service (IRS).“Cryptocurrency already poses a significant detection problem by facilitating illegal...

The US Treasury Department today announced a major clampdown on crypto transactions in the US as it set an upper limit of $10,000 to be reported to the Internal Revenue Services (IRS). The department said that the...

What is the current outlook on bitcoin taxes, and what might the future hold as the network and asset grows?While many joke about that unfortunate boating accident that magically makes all bitcoin disappear, the vast majority of us know that as the popular meme goes, “One does not simply not pay taxes.” This article is geared toward the U.S. tax code, as...

Crypto exchange giant Binance is allegedly under investigation by the U.S. Internal Revenue Service (IRS), as well as the Department of Justice (DOJ) for money laundering and tax evasion. BREAKING: Binance, the world's biggest crypto exchange, is under investigation by the Justice Department and IRS...

Binance, one of the most important cryptocurrency exchanges in the world, could be facing an investigation by both the United States Justice Department (DOJ) and Internal Revenue Service (IRS) according to Bloomberg. The investigation would be the result of the US efforts to stop illegal activities that have found a way to take advantage of [...] The post Binance Collaborates with IRS &...

The world’s largest bitcoin exchange, Binance, is reportedly being investigated by U.S. authorities.The world’s largest cryptocurrency exchange, Binance, is under investigation by the U.S. Department of Justice and Internal Revenue Service (IRS), according to a report from...

Binance, the world's leading cryptocurrency exchange is reportedly facing an investigation from Justice Department and IRS according to a...

In comments at a virtual conference, an IRS counsel indicated the agency would seize virtual currency like bitcoin to satisfy tax collection.According to comments made at a virtual conference this week by U.S. Internal Revenue Service (IRS) deputy associate chief counsel Robert Wearing, the agency would seize cryptocurrency assets like bitcoin from individuals it deems to be in violation of tax requirements....