How to
Skipping cryp to taxes can trigger hefty fines and legal issues. Find out what really happens if you fail to report or pay taxes on your holdings.
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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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Senate lawmakers debated whether cryptocurrencies should have special tax exemptions to encourage everyday use and the industry's growth.
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The US Senate Finance Committee is holding a hearing on Wednesday on crypto asset taxation, following the IRS’s release of relief guidance on the Biden-era CAMT tax.
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A Coinbase executive and three other crypto tax and policy specialists will meet with the Senate Finance Committee next Wednesday to discuss digital asset tax matters.
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Trish Turner has resigned as head of the IRS crypto division after only a few months in the role and is reportedly moving to the private sector.
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Reliance on centralized cloud infrastructure and the IRS’s proposed “mega API” expose vulnerabilities in data privacy and accountability that decentralized technologies can address.
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Roger Ver has sued Spain in the European Court of Human Rights to block his extradition to the US, arguing that tax evasion charges against him are politically motivated.
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The Midas Project has filed a complaint with the IRS against OpenAI, alleging that CEO Sam Altman’s dual roles create conflicts violating nonprofit tax rules.
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The hearing notice suggested a focus on a tax framework for digital assets, but did not mention specific witnesses or policies previously proposed.
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Based on an evaluation between December 2023 and January 2025, the IRS Criminal Investigation did not always follow guidelines around seizing and holding crypto in cases.
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A lower court ruling will stand in a case involving a Coinbase user who filed a lawsuit against the IRS after the crypto exchange turned over transaction data.
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The US Internal Revenue Service appointed Trish Turner to lead its digital assets unit after two key crypto leaders departed.
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The case stems from the US Internal Revenue Service's attempt to obtain Coinbase users' transaction data in 2016.
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The trader sold 62 CryptoPunk NFTs in 2021, earning approximately $7.4 million in profit, followed by the sale of 35 more in 2022 for an additional $4.9 million.
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Ohio Representative Mike Carey said the resolution to kill the IRS rule also marks the first time a crypto bill has ever been signed into law.
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