IRS

The IRS has released a draft 1099-DA tax form, which experts warn will allow for large-scale collection of Bitcoin trader identities and transfer data from encrypted wallet addresses.

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.

The IRS faces criticism for its aggressive tactics in seeking help from blockchain investigator ZachXBT, raising concerns about privacy and professionalism.

In 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.

Regulators are gearing up to release detailed procedures for reporting digital asset receipts, signaling a shift in crypto regulations.

A Bitcoin user spent $64,000 on fees to inscribe 9 MB of binary data on the blockchain, sparking widespread curiosity and theories.

A mysterious transfer of $1.2 million in Bitcoin to Satoshi Nakamoto's wallet raises legal and identity questions.

Florida Governor Ron DeSantis, a Republican hopeful in the U.S. presidential race, has unveiled an ambitious plan to overhaul the country's tax system. During a CNN town hall, DeSantis expressed his intent to dismantle the Internal Revenue Service (IRS) and introduce a uniform flat tax system across the United States.

The enforcement of this new tax law reflects the IRS' attempt to address tax evasion concerns in the crypto space. However, ambiguity and lack of guidance pose challenges to users and businesses, potentially impacting the industry's growth and development.