Tag: IRS

The United States Internal Revenue Service has released proposed regulations on the sale and exchange of digital assets by brokers. The United States Internal Revenue Service (IRS), which is responsible for tax collection in the United States, has released proposed regulations on the sale and exchange of digital assets by brokers. Under the rules, brokers…

U.S. senators including Elizabeth Warren and Bernie Sanders claimed crypto tax evaders are siphoning off billions from the government. A number of United States’ lawmakers have urged the Internal Revenue Service (IRS) and the Treasury to speed up the closure of tax loopholes being exploited by “crypto tax evaders.” In an Aug. 1 letter, Democratic Senators…

Kraken is required to provide details of users who engaged in transactions exceeding $20,000 within a calendar year. The United States District Court for the Northern District of California has ordered crypto exchange Kraken to turn over account and transaction information to the Internal Revenue Service (IRS). The agency said it needed the information to…

In a letter addressed to Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel, Congressmen Sherman and Lynch raised concerns about the tax compliance practices in crypto. Members of the United States Congress — Brad Sherman and Stephen Lynch — have penned a letter to the heads of the Treasury and the Internal Revenue Service…

A change to R&D tax rules means that a tech company could lose more than $1 million — but still be on the hook for hundreds of thousands in taxes. The new R&D law has overly broad language that states “any and all” software development must be amortized over five years if the development took…