The Infrastructure Investment and Jobs Act (H.R. 3684) put crypto in the crosshairs, where Congress and the Internal Revenue Service (IRS) hope to scoop up enormous tax dollars. This reporting regime is projected to rake in an astounding $28 billion over the next ten years. No other provision in this massive recently enacted federal law is supposed to produce tax dollars that … [Read more...] about Things to know (and fear) about new IRS crypto tax reporting
IRS
The IRS seized $4 billion worth of Bitcoin and other cryptos this year
Despite the fact that a large percentage of all funds seized by the Internal Revenue Service (IRS) in this fiscal year came from cryptocurrency, the agency has projected that it could be able to confiscate more billions from the same source by the next fiscal year. This was revealed via the recently released report of the Criminal Investigation Unit of IRS. In the Criminal … [Read more...] about The IRS seized $4 billion worth of Bitcoin and other cryptos this year
IRS Seized $3.5B in Cryptocurrency During Fiscal 2021
The Internal Revenue Service’s (IRS) Criminal Investigation Unit (CI) unit seized $3.5 billion in cryptocurrency during fiscal 2021, which accounted for 93% of its criminal investigation seizures, according to the agency’s annual criminal investigation report published Thursday. Source link … [Read more...] about IRS Seized $3.5B in Cryptocurrency During Fiscal 2021
Binance Hires Former IRS Special Agent to Head Suspicious Activity Reporting
Binance has hired a veteran financial criminal investigation agent to head up suspicious activity reporting as it continues to strengthen its regulatory compliance front.Amjad Qaqish, a former criminal investigation special agent at the U.S. Internal Revenue Service (IRS), was named as the largest crypto exchange’s director of global suspicious activity reporting on … [Read more...] about Binance Hires Former IRS Special Agent to Head Suspicious Activity Reporting
IRS gets access to crypto exchange Circle’s user data, targets Kraken next
Shortly after getting a court authorization to obtain records of cryptocurrency exchange Circle’s customers, the US Internal Revenue Service (IRS) is now seeking to get access to similar data from trading platform Kraken.“Those who transact with cryptocurrency must meet their tax obligations like any other taxpayer,” said acting assistant attorney general David Hubbert of the … [Read more...] about IRS gets access to crypto exchange Circle’s user data, targets Kraken next