Trump Administration Pushes IRS Tax Framework for Foreign Crypto Holdings The Trump administration is making a bold move that could spell the end of hiding crypto stashes on foreign exchanges to dodge taxes. With a proposal to join the Crypto-Asset Reporting Framework (CARF), the US is inching closer to empowering the Internal Revenue Service (IRS) […]
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IRS Crypto Unit Appoints Trish Turner Amid Policy Shifts and Leadership Changes The Internal Revenue Service’s crypto unit has undergone a significant leadership transformation with Trish Turner, a seasoned IRS official, taking the helm. This shift follows the exit of Sulolit “Raj” Mukherjee and Seth Wilks, two key figures from the private sector instrumental in […]
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Dan Morehead Investigated for $850M Crypto Tax Exemptions: Puerto Rico’s Act 60 Under Scrutiny Dan Morehead, the mastermind behind Pantera Capital, finds himself in the crosshairs of the U.S. Senate Finance Committee for leveraging Puerto Rico’s Act 60 to claim tax exemptions on a staggering $850 million in cryptocurrency profits. As new IRS regulations loom, […]
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IRS Achieves Historic First in Crypto Tax Fraud Conviction In a landmark case, the IRS secured its first conviction for tax fraud involving solely cryptocurrency, setting a significant legal precedent for the industry. This development not only underscores the agency’s increasing scrutiny of crypto transactions but also signals the real-world consequences of tax evasion using […]
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Trump’s Meme Coin Faces Legal and Tax Scrutiny In a move that’s as bold as his hair, Donald Trump has launched the TRUMP meme coin, sparking both excitement and a regulatory storm. Just before his inauguration, Trump unveiled this crypto venture, which has now come under intense legal and tax scrutiny due to its classification, […]
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IRS to Implement New Crypto Transaction Reporting in 2025: What You Need to Know The Internal Revenue Service (IRS) is set to usher in a new era of crypto regulation with third-party reporting requirements starting in 2025. These changes will impact centralized and decentralized platforms, as well as Bitcoin ETF investors, aiming to enhance tax […]
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IRS Crypto Rules Spark Pushback From Texas Senator Ted Cruz Senator Ted Cruz is gearing up for a showdown with the IRS over controversial crypto income reporting rules, signaling a major battle between government oversight and the burgeoning world of decentralized finance. Cruz challenges IRS rule on crypto income reporting using CRA. Rule expands ‘broker’ […]
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IRS Unveils New Crypto Transaction Reporting for 2025: What You Need to Know The IRS is set to introduce a new third-party reporting system for cryptocurrency transactions on centralized exchanges (CEXs) in 2025, utilizing Form 1099-DA. This move aims to enhance tax compliance but raises concerns about privacy and the nature of decentralized finance. 2025: […]
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IRS Grants Temporary Relief to Bitcoin Holders on CeFi Platforms Until 2025 The IRS has announced a temporary reprieve for Bitcoin and crypto holders on centralized finance (CeFi) platforms, providing relief from specific tax reporting rules until the end of 2025. This decision aims to ease the complexities of tax reporting challenges for cryptocurrencies on […]
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DeFi at a Crossroads: Navigating Crypto Regulations and Compliance The future of decentralized finance (DeFi) hangs in the balance as the IRS unleashes a regulatory storm with new rules that could reshape the industry. On December 27, 2024, the IRS dropped a regulatory bombshell by classifying DeFi platforms and front-ends, the user interfaces of these […]
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