IRS expects a surge in crypto tax crime cases amidst the tax filing deadline. Collaborations with firms like Chainalysis aim to bolster enforcement efforts. Taxpayers are urged to comply with reporting requirements to avoid legal repercussions.
AlexWash sale rules prohibit the sale of securities at a loss and the repurchase of the securities within 30 days in order to prevent taxpayers from lowering their tax liability through “artificial” losses.
JinseFinanceThe IRS faces criticism for its aggressive tactics in seeking help from blockchain investigator ZachXBT, raising concerns about privacy and professionalism.
WeiliangIn a recent statement, the US Treasury Department explains that digital asset transactions will not be subjected to identical reporting requirements as cash until more precise regulations are established.
AlexThe IRS has introduced stringent reporting requirements for U.S. cryptocurrency transactions over $10,000, raising concerns about compliance challenges and potential legal repercussions.
AlexFTX, the bankrupt crypto exchange, challenges the IRS's $24 billion tax claim, deeming it "absurd and meritless." The fluctuating tax bill, currently at $24 billion, covers income and employment taxes from 2018 to 2022. FTX emphasizes the need for a fair resolution to protect bankruptcy victims. The upcoming court hearing on December 13 will play a crucial role in determining the distribution of FTX's remaining assets.
BernicePreviously, investigations were primarily focused on money laundering- but now
AlexThe IRS is escalating efforts against crypto tax evasion, with over half of recent investigations focusing on tax-related issues. The surge in digital asset adoption has led to an increase in tax-related probes, prompting the IRS to formulate new regulations targeting brokers and intermediaries in the crypto space. The proposed measures, seeking input until January 25, 2024, will be integrated into the American Families Plan Act of 2023, reinforcing reporting requirements for crypto transactions exceeding $10,000.
Huang BoJinseFinanceThe tax treatment also applies to investors staking tokens through a cryptocurrency exchange, as the bulletin specifies that rewards are received as a result of the validation.
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