Roman Sterlingov is the latest to fall to a U.S. government crackdown on illicit crypto-mixing services, but his lawyers aren’t taking the verdict lying down.
IRS News
The Internal Revenue Service or IRS is a public authority of Federal Government of the United States. The IRS is responsible for all tax collection and controls the implementation of tax legislation. The service was formed in 1862 and is headquartered in Washington, D.C.
There is currently an essential issue concerning the IRS with regards to the taxation of cryptocurrency. The organization has already announced that Bitcoin and other kinds of digital money are regarded as a possession, mining as a way of income, and the storing of cryptocurrency as equivalent to holding gold, meaning that everything should be taxed using the existing laws. Due to the IRS, if a Bitcoin owner came into possession of it by mining and then sold it, it is supposed to be considered 100% profit, which should be taxed between 15% and 20%, depending on its size. In addition to that, the IRS requested some large cryptocurrency exchange administrations for information about clients whose transactions were more than $20,000/year between 2013-2016.
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The IRS will use the funding from the Inflation Reduction Act (IRA), a federal law aimed at curbing inflation, to build compliance in emerging areas, which includes digital assets as a top priority.
15476The U.S. Internal Revenue Service didn’t state when it intends to issue new regulations detailing how U.S. businesses must report cryptocurrency transactions.
32447Taxation-wise, the U.S. may be unprepared for the investor rush in the wake of a spot Bitcoin ETF. There is a new tax law but no guidelines.
2511Community member Adriano Feria described the law as “stupid” and called the officials that created it “idiotic” on X.
5056According to Coin Center executive director Jerry Brito, it’s “unclear how one can comply” with the crypto tax reporting guidelines in 2024.
51355The head of the Catholic Church warned humanity of AI’s potential dangers and explained what needs to be done to control it.
2887The cases included investigations into the Silk Road marketplace, OneCoin, Oyster Protocol founder “Bruno Block,” and a money laundering scheme using Bitcoin kiosks.
8402FTX Trading said the firm “never earned anything anywhere near the amount” that would justify a $24 billion tax bill.
11637According to the fiscal year 2023 report, the IRS unit investigated failures to disclose crypto holdings and report on capital gains for transactions.
5580Thanks to the IRS, your favorite decentralized exchange may need to begin asking for your address, birthdate, and other personal information beginning in 2025.
4019The Blockchain Association claimed the U.S. Treasury overstepped its authority in proposing crypto tax rules difficult or impossible to follow by many in the space.
6980The information will be sent to the Internal Revenue Service in early November.
10130The proposed rules are supposed to come into effect in 2026, impacting sales and exchanges conducted in 2025.
3879The IRS is looking to require crypto service providers to collect unprecedented swaths of data about their users — including names and Social Security numbers.
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