Tag: IRS

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US Treasury, IRS finalize New Crypto Tax Reporting Rules

By Hannah Lang (Reuters) – The U.S. Treasury Department finalized a rule on Friday requiring cryptocurrency brokers, including exchanges and payment processors, to report new information on users’ sales and exchanges of digital assets to the Internal Revenue Service related to New Crypto Tax Reporting Rules. Impact of New Crypto Tax Reporting Rules Requirements The […]
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IRS Gets Serious: First Prosecution for Crypto Tax Evasion

IRS’s Initial Prosecution for Crypto Tax Evasion Highlights Strengthened Enforcement Efforts A recent case involving crypto tax fraud underscores the IRS’s increased focus on enforcing tax laws in the cryptocurrency sphere. In a significant move, the agency, in collaboration with the Department of Justice, pressed criminal charges against Frank Richard Ahlgren III of Austin, Texas, […]
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New IRS Crypto Reporting Law: $10,000 Threshold

A new era in cryptocurrency taxation has dawned in the United States. Following the Infrastructure Investment and Jobs Act, signed into law by President Joe Biden in November 2021, the Internal Revenue Service (IRS) has implemented a stringent reporting requirement for crypto transactions. This rule, effective from January 1, 2024, mandates that any receipt of […]
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Starting in 2024, IRS Mandates Reporting of Crypto Transactions Over $10K

Coin Center’s executive director, Jerry Brito, has expressed that complying with the cryptocurrency tax reporting guidelines set for 2024 remains ambiguous. Key elements of the infrastructure bill signed by U.S. President Joe Biden are now operational. This includes mandates that digital asset transactions exceeding $10,000 be reported to the IRS. The bipartisan bill, approved by […]
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