irs Archives

CEXs Will Be Required to Report Crypto Transactions to IRS This Year for First Time

The new IRS Form 1099-DA aims to streamline cryptocurrency tax compliance starting in 2026, but reporting for decentralized platforms will not begin until 2027.

US IRS Postpones Cost-basis Tax Rule to January 2026

Cryptocurrency News, News

By Godfrey Benjamin Jan 2, 2025

The IRS has shifted the timeline for the implementation of a tax rule that might inconvenience users.

US IRS Faces Lawsuit Over Crypto Staking Taxes Again

Cryptocurrency News, News

By Mayowa Adebajo Oct 11, 2024

A bill has also been proposed before the House of Representatives that seeks to ensure that taxes on staking rewards would only be applied when the tokens are sold.

Altcoin News, Blockchain News, Cryptocurrency News, News

ConsenSys Calls for Delay of New IRS Reporting Rules as Industry Unites Against ‘Unclear’ Regulations

By Mayowa Adebajo Jun 21, 2024

ConsenSys is urging the US Internal Revenue Service (IRS) to postpone the implementation of new crypto tax reporting regulations.

Blockchain News, Cryptocurrency News, News

FTX Challenges IRS $24B Tax Claim, Citing Unsubstantiated Figures

By Chimamanda U. Martha Dec 12, 2023

FTX’s legal team noted in the filing that paying the $24 billion could impede the repayment of funds to the exchange victims.

Blockchain News, Cryptocurrency News, News

Coinbase Urges IRS to Reconsider Proposed Tax Rules, Citing Privacy Concerns

By Chimamanda U. Martha Oct 13, 2023

Aside from Coinbase has raised concerns about the potential adverse impact of the proposed law across various sectors within the digital asset ecosystem.

Business News, News, Technology News

Microsoft to Appeal IRS’s $29B Back Taxes Claim

By Mercy Tukiya Mutanya Oct 12, 2023

If the appeal process, which could take years, does not result in a unanimous agreement, the corporation would have to settle any unresolved issues in court.

Blockchain News, Cryptocurrency News, News

US Treasury and IRS Propose Cryptocurrency Reporting Rules for Brokers

By Mercy Tukiya Mutanya Sep 7, 2023

The United States Government Accountability Office (GAO) warns that “limits on third party information reporting to the IRS is an important factor contributing to the tax gap, which is the difference between taxes legally owed and taxes actually paid”.

Business News, Market News, News

IRS Announces Full Digital Document Submissions for 2024 Tax Season

By Babafemi Adebajo Aug 2, 2023

The initiative will be funded through the Inflation Reduction Act, which approved $80 billion over ten years for the IRS.

Blockchain News, Cryptocurrency News, News

IRS Rules Cryptocurrency Staking Rewards Must Be Reported as Income for US Investors

By Chimamanda U. Martha Aug 1, 2023

The timing of the IRS’s ruling coincides with increased scrutiny from federal regulators towards crypto-staking services offered by exchanges.

Cryptocurrency News, Market News, News

IRS to Treat NFTs Like Physical Art as Concerns Rise over Taxation

By Mayowa Adebajo Mar 22, 2023

Following the announcement, a section of the crypto community on Twitter has heaped praises on the IRS and Treasury Department for taking such a detailed approach instead of regulating through enforcement.

Cryptocurrency News, Market News, News

IRS Includes Digital Assets Category in IRS Tax Form Draft

By Ibukun Ogundare Oct 19, 2022

Meanwhile, the IRS has found a way to clarify the status of NFTs for crypto investors.

Altcoin News, Cryptocurrency News, Market News, News

Nashville Couple Files Suit against US IRS Over Taxation on Tezos Staking Rewards

By Godfrey Benjamin Feb 3, 2022

Whether it is an attempt to set a precedent or not, the tax authorities of the United Kingdom, Her Majesty’s Revenue and Customs (HMRC) have revised its guidance on crypto taxation in the country.

Cryptocurrency News, News

Coinbase Offers Slew of New Tax Support Features

By Gladis Monteiro Jan 25, 2022

With time, Coinbase will provide customers access to learning material too on topics such as NFT tax filing in the form of written guides and instructions.

Altcoin News, Cryptocurrency News, News

IRS Amends Crypto Tax Question in 1040 Form

By Oluwapelumi Adejumo Dec 15, 2021

The taxation rules of the cryptocurrency sphere have been a long-time project of the United States Internal Revenue Service, with modifications of the tax forms coming year after year.