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Lens

IRS – Internal Revenue Service

  • Regulation

    New IRS tax language tweaked to include NFTs

    The IRS updated its annual income tax instructions in a Monday draft that does away with the taxable category "virtual currency" and replaces it with the term "digital assets," which explicitly includes NFTs.

    Dylan Butts

  • Regulation

    US taxpayer rejects IRS refund for staking rewards

    A U.S. taxpayer fighting the Internal Revenue Service (IRS) over whether newly created tokens are taxable income announced Thursday that he has rejected the government’s offer of a refund in order to force the government to clarify its policy. Fast facts On Thursday, Joshua Jarrett shared on Twitter that the IRS had offered him a […]

    Jeanhee Kim

  • Regulation

    IRS seized $3.5B in crypto in 2021, expects that number to grow in 2022

    The U.S. Internal Revenue Service — the department responsible for collecting tax revenue — seized US$3.5 billion worth of cryptocurrencies during fiscal year 2021, accounting for 93% all assets seized by tax enforcement that year, according to the agency’s 2021 Criminal Investigation Report released Thursday. Fast facts An agency official said on a call with […]

    Lachlan Keller

  • Regulation

    U.S. Treasury eases concerns over crypto reporting requirements

    In welcome news for the U.S. crypto industry, the Treasury Department is slated to clarify that only crypto companies that fit its definition of “brokers” will have to comply with new tax reporting requirements outlined in the country’s US$1 trillion infrastructure bill, Bloomberg reports. Fast facts Quoting an anonymous Treasury source, Bloomberg reported that crypto […]

    Lachlan Keller

  • Regulation

    US Senate passes $1 trillion infrastructure bill with crypto tax requirements

    Despite strong lobbying attempts from the crypto industry for last-minute amendments, the Biden administration’s US$1 trillion infrastructure bill passed the Senate last night with heightened tax reporting requirements for crypto “brokers” and possible ramifications for crypto miners, as Yahoo News reports. Fast facts A compromise amendment requiring unanimous consent to be added to the bill […]

    Lachlan Keller

  • Regulation

    U.S. infrastructure bill set for possible change following crypto industry backlash

    An amendment has been introduced to the US$1 trillion infrastructure bill currently before the U.S. Senate that would exempt bitcoin miners and other validators from a provision seeking to raise funds for its fulfilment, according to a report by CNBC. Fast facts As Forkast.News has reported, the provision sought to raise US$28 billion over the […]

    Lachlan Keller