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.

IRS chief sees “mountains and mountains” of fraud in NFTs and cryptocurrencies as demand continues to rise going forward in 2022.
IRS special agent: Crypto's the future but there are ‘mountains of fraud’
Brian Quarmby
TaxBit wants to prevent crypto users from spending “thousands of dollars per year” to generate crypto tax forms.
TaxBit to offer free crypto tax forms with new network
Helen Partz
Expert Take
The new law redefines "cash" to include "any digital representation of value" including cryptocurrency, but in an anonymous system, is this going to work?
Things to know (and fear) about new IRS crypto tax reporting
Robert W. Wood
Breaking news
Crypto was absent from every speaker’s lips during the signing ceremony, with bipartisanship and jobs seeming to be the theme of the afternoon.
President Biden signs infrastructure bill into law, mandating broker reporting requirements
Turner Wright
Regulatory scrutiny from around the world has forced the cryptocurrency exchange to up its compliance and auditing measures.
Binance hires former IRS-CI special agent to head intelligence division
Sam Bourgi
The IRS’ commissioner says crypto gains are taxable in the cannabis industry as the IRS treats cryptocurrencies as property.
Crypto tax ‘a top enforcement priority,’ reminds IRS Commissioner
Arijit Sarkar
Expert Take
A green post-COVID-10 recovery in accordance with the United Nations’ 17 Sustainable Development Goals is possible with blockchain and NFTs.
Charitable sustainable NFTs for the United Nations’ 17 SDGs
Selva Ozelli
A decentralized exchange reckoning is coming — and it’s bigger than the infrastructure bill — thus, the DeFi community must be ready.
The new episode of crypto regulation: The Empire Strikes Back
Mark Lurie

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