On April 19, the U.S. Internal Revenue Service (IRS) released the first draft tax form specifically for digital asset transactions, 1099-DA, which is intended to report digital asset gains from broker transactions.
JinseFinanceThere’s a lot of discussion about cryptocurrency investors and tax compliance, but one yes or no question may be surprisingly important.
JinseFinanceWash 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.
WeiliangThe 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.
EdmundFTX, 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.
BerniceThe 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 BoJinseFinanceBinance, the world's largest cryptocurrency exchange by volume, is no stranger to tussles with regulators around the world.
decrypt5ire is a blockchain based on the NPoS (Nominated Proof of Stake) consensus mechanism with "Proof of 5ire" as its core technology.
Cointelegraph