IRS – Internal Revenue Service

The IRS intends to tax NFTs as collectibles in the U.S. and is soliciting public opinions on the proposal through June.

The past year has been tumultuous for crypto investors, with a bear market wiping out over half of Bitcoin’s market capitalization. However, with the end of the American tax year just days ahead, taxpayers could get some money back.

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.

Already a big part of global finance, interest rate swaps can be a boon for DeFi — if it can overcome these challenges, writes Simon Jones of Voltz Labs.

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 […]

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 […]

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 […]

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 […]

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 […]

Top blockchain and crypto news: Is Ethereum’s price flatlining on eve of revolution? Uncle Sam wants pay to play. China’s Big Tech toes the line with NFTs.

Privacy-centric coins like Monero, ZCash and Dash are seeing big price rises as the IRS and ATO issue warnings on taxable crypto transactions.

Yet another U.S. regulatory probe of leading crypto exchange Binance is underway, but CEO Changpeng Zhao isn’t impressed with news headlines.

New US government rules and guidance aim to boost cryptocurrency taxes, clarify legal liability related to STABLE Act and require more KYC reporting.

DeFi crypto lending — a loosely regulated industry that grew by 700% last year — is catching investor attention. What do the IRS and SEC think?

Crypto tax expert Vamshi Vangapally explains the impact on coins like NEO, Stellar, VeChain, Ontology, Tezos and soon, ETH 2.0.

Specific identification, hard forks and mainstream use: U.S. crypto investors are scrambling to figure out how new guidelines will affect their tax returns.