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🚨Regulation 🇺🇸 : The IRS postpones its new tax rules on cryptocurrencies until 2026🚨
🔥The IRS is delaying its controversial cryptocurrency tax rules until 2026, offering investors relief from inadequate accounting constraints.
1-The IRS has postponed the application of new tax rules imposing the FIFO method for cryptocurrency sales until 2026, thus avoiding immediate negative financial impacts for investors.
2-The FIFO method, considered unsuitable in a bull market, would have forced investors to maximize their taxes, increasing the pressure on their portfolios in the absence of accounting alternatives.
3-The postponement allows exchanges to develop suitable tools and investors to better understand tax options, highlighting the contrast with the clearer MiCA regulations in Europe.
#irs #TaxReform
🔥The IRS is delaying its controversial cryptocurrency tax rules until 2026, offering investors relief from inadequate accounting constraints.
1-The IRS has postponed the application of new tax rules imposing the FIFO method for cryptocurrency sales until 2026, thus avoiding immediate negative financial impacts for investors.
2-The FIFO method, considered unsuitable in a bull market, would have forced investors to maximize their taxes, increasing the pressure on their portfolios in the absence of accounting alternatives.
3-The postponement allows exchanges to develop suitable tools and investors to better understand tax options, highlighting the contrast with the clearer MiCA regulations in Europe.
#irs #TaxReform
📜IRS 的新法规旨在减轻CeFi 投资者的税务负担
美国国税局（IRS）最近发布了一个新通知，这对于本国使用中心化金融服务（CeFi）的加密货币投资者来说，可以说是重大利好。通知将在2025年1月1日生效，并自动为用户提供税收政策减免！
新的税收法规要求 CeFi 经纪商报告我们的加密货币交易。这听起来或许有些复杂，不过不必担心，IRS已考虑到这一情况，并提供了临时解决方案。该减免措施能够帮助用户绕过默认的先进先出（FIFO）会计方法，使投资者在过渡期间拥有更多灵活性。
CoinTracker 的税务策略主管 Shehan Chandrasekera 解释道，这个减免是自动生效的，我们目前无需采取行动。
不过，从 2026 年开始，我们就需要与经纪商共同选择一个会计方法了，大多数经纪商都支持多种会计选项，从而使税务合规变得更加容易。
值得注意的是，如果持有人不选自己喜欢的会计方法，（例如最高先入先出 (HIFO) 或特定标识 (Spec ID)），经纪商将默认采用先进先出 (FIFO)的会计方法。
这种默认会计方法可能会增加纳税义务，尤其是在牛市的时候。但值得庆幸的是，目前大多数经纪商都支持多种会计选项，从而使税务合规变得更加容易。
同时，建议大家保留详细的交易记录或者使用靠谱的加密税务软件，这样可以确保我们的报告准确无误。如果不这样做，可能会默认采用FIFO方法，这可能不是我们想要的结果。
因此，Chandrasekera建议用户提前计划，以确保经纪商的会计方法和用户的税务软件相匹配，以避免出现不必要的税务麻烦。
顺便提一下，前几天IRS还出台了一项新规则，将DeFi平台也纳入了报告交易的范畴。
这个决定引发了一些争议，一些机构认为这违反了并超越了财政部的权限。但不管怎样，该会计规则确实给CeFi用户的带来了一大好消息！
#IRS #CryptoTax #CeFi #DeFi
美国国税局（IRS）最近发布了一个新通知，这对于本国使用中心化金融服务（CeFi）的加密货币投资者来说，可以说是重大利好。通知将在2025年1月1日生效，并自动为用户提供税收政策减免！
新的税收法规要求 CeFi 经纪商报告我们的加密货币交易。这听起来或许有些复杂，不过不必担心，IRS已考虑到这一情况，并提供了临时解决方案。该减免措施能够帮助用户绕过默认的先进先出（FIFO）会计方法，使投资者在过渡期间拥有更多灵活性。
CoinTracker 的税务策略主管 Shehan Chandrasekera 解释道，这个减免是自动生效的，我们目前无需采取行动。
不过，从 2026 年开始，我们就需要与经纪商共同选择一个会计方法了，大多数经纪商都支持多种会计选项，从而使税务合规变得更加容易。
值得注意的是，如果持有人不选自己喜欢的会计方法，（例如最高先入先出 (HIFO) 或特定标识 (Spec ID)），经纪商将默认采用先进先出 (FIFO)的会计方法。
这种默认会计方法可能会增加纳税义务，尤其是在牛市的时候。但值得庆幸的是，目前大多数经纪商都支持多种会计选项，从而使税务合规变得更加容易。
同时，建议大家保留详细的交易记录或者使用靠谱的加密税务软件，这样可以确保我们的报告准确无误。如果不这样做，可能会默认采用FIFO方法，这可能不是我们想要的结果。
因此，Chandrasekera建议用户提前计划，以确保经纪商的会计方法和用户的税务软件相匹配，以避免出现不必要的税务麻烦。
顺便提一下，前几天IRS还出台了一项新规则，将DeFi平台也纳入了报告交易的范畴。
这个决定引发了一些争议，一些机构认为这违反了并超越了财政部的权限。但不管怎样，该会计规则确实给CeFi用户的带来了一大好消息！
#IRS #CryptoTax #CeFi #DeFi
🇺🇸 NEW: The IRS delays crypto tax reporting rules to 2026, giving brokers more time to adapt and avoid forced FIFO sales that could maximize capital gains.#IRS #FIFO #BitcoinInSwissReserves #BTCMiningPeak #Binance250Million
How cryptocurrency is taxed?
Cryptocurrency is taxed based on its classification as property by the IRS, similar to stocks or real estate. Tax obligations arise when you sell, trade, spend, or earn crypto, and understanding the rules can help you stay compliant.
Key Points
Taxable Events: Selling crypto, trading one type for another, spending it on goods or services, or earning it through mining or staking.Non-Taxable Events: Simply buying and holding crypto or transferring it between your wallets.Recordkeeping: Maintaining accurate records of transactions, including cost basis and fair market values, is crucial.
For a detailed guide, visit Shiraverse: How Cryptocurrency is Taxed.
#CryptoTaxes #IRS #Cryptocurrency #TaxTips #Crypto
$BTC $ETH $XRP
Key Points
Taxable Events: Selling crypto, trading one type for another, spending it on goods or services, or earning it through mining or staking.Non-Taxable Events: Simply buying and holding crypto or transferring it between your wallets.Recordkeeping: Maintaining accurate records of transactions, including cost basis and fair market values, is crucial.
For a detailed guide, visit Shiraverse: How Cryptocurrency is Taxed.
#CryptoTaxes #IRS #Cryptocurrency #TaxTips #Crypto
$BTC $ETH $XRP
Are cryptocurrency transactions reported to the irs?
#BinanceAlphaAlert
🚨 $XRP HOLDERS JUST IN!! IT'S OFFICIALLY HAPPENING IN 2025 🚨
(CEO CONFIRMED) IRS GIVING EXTENSION!
Remember to follow me,like,comment and share for everyone
$XRP
Recent developments indicate that the U.S. Internal Revenue Service (IRS) has postponed the enforcement of the First In, First Out (FIFO) accounting method for cryptocurrency transactions on centralized exchanges until December 31, 2025. This extension provides taxpayers with additional time to adapt to the forthcoming regulations. CoinPaper
In parallel, the legal proceedings between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) are ongoing. The SEC has been directed to submit its opening brief in the appeal against Ripple by January 15, 2025. This timeline suggests that the case may extend into 2026. Crypto Briefing
Regarding XRP's market performance, as of January 1, 2025, XRP is trading at approximately $2.17. Analysts have varied opinions on its future trajectory. Some forecasts suggest that if XRP maintains support above $2.20, it could potentially reach $10 by 2025. Finance Magnates
It's important to note that while Ripple's leadership remains optimistic about the company's future, there have been no official announcements confirming specific events or developments slated for 2025.
Given the dynamic nature of the cryptocurrency market and regulatory environment, it's advisable for investors to stay informed through official channels and consult financial advisors when making investment decisions.
Will 2025 be the year XRP dominates the market? 🤔 Don’t miss out—stay informed and be ready! #XRP2025 #Ripple #CryptoNews #CryptoAdoption #IRS #XRPPricePrediction
l would say Hold XRP Now!! click the chart above and buy just 10$ worth of it atleast and hold it.
(yes i get a tiny commission as well so it'll support me as well❤️🩹)
🚨 $XRP HOLDERS JUST IN!! IT'S OFFICIALLY HAPPENING IN 2025 🚨
(CEO CONFIRMED) IRS GIVING EXTENSION!
Remember to follow me,like,comment and share for everyone
$XRP
Recent developments indicate that the U.S. Internal Revenue Service (IRS) has postponed the enforcement of the First In, First Out (FIFO) accounting method for cryptocurrency transactions on centralized exchanges until December 31, 2025. This extension provides taxpayers with additional time to adapt to the forthcoming regulations. CoinPaper
In parallel, the legal proceedings between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) are ongoing. The SEC has been directed to submit its opening brief in the appeal against Ripple by January 15, 2025. This timeline suggests that the case may extend into 2026. Crypto Briefing
Regarding XRP's market performance, as of January 1, 2025, XRP is trading at approximately $2.17. Analysts have varied opinions on its future trajectory. Some forecasts suggest that if XRP maintains support above $2.20, it could potentially reach $10 by 2025. Finance Magnates
It's important to note that while Ripple's leadership remains optimistic about the company's future, there have been no official announcements confirming specific events or developments slated for 2025.
Given the dynamic nature of the cryptocurrency market and regulatory environment, it's advisable for investors to stay informed through official channels and consult financial advisors when making investment decisions.
Will 2025 be the year XRP dominates the market? 🤔 Don’t miss out—stay informed and be ready! #XRP2025 #Ripple #CryptoNews #CryptoAdoption #IRS #XRPPricePrediction
l would say Hold XRP Now!! click the chart above and buy just 10$ worth of it atleast and hold it.
(yes i get a tiny commission as well so it'll support me as well❤️🩹)
Kryptos
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Kryptos Launches Safe Harbor Planner to Help U.S. Crypto Investors Navigate IRS Rev Proc 24-28 Guide
GOTHENBURG, SWEDEN, December 30, 2024 - With over 50 million U.S. crypto investors impacted by new IRS regulations, Kryptos has launched its Safe Harbor Planner to simplify compliance with Rev Proc 24-28. Specifically designed to help users and CPAs meet the December 31 deadline for selecting an allocation method, the Planner also facilitates a seamless migration from Universal Cost-Basis tracking to Per-Wallet tracking. Kryptos is the only platform to support both Global Allocation and Specific Unit Allocation methods, offering unmatched flexibility and precision in digital asset tax reporting.
Kryptos is more than just crypto tax software. It is a comprehensive financial hub for Web3, empowering digital asset investors, businesses, and developers with tools for real-time transaction tracking, tax automation, treasury management, and developer integrations. By addressing the diverse needs of its users, Kryptos is redefining how the industry approaches crypto taxes, digital asset finance, and compliance.
Revenue Procedure 2024-28, introduced in July 2024, requires U.S. taxpayers to transition to a detailed per-wallet or per-account tracking system by January 1, 2025. This shift enhances transparency but adds complexity for digital asset investors managing diverse portfolios. In December 2024, the IRS finalized broker reporting regulations under Internal Revenue Code sections 6045 and 6045A, expanding requirements to include decentralized finance (DeFi) platforms and front-end providers. Brokers are now mandated to report transactions on Form 1099-DA starting January 1, 2027, with additional Know-Your-Customer (KYC) compliance requirements. These developments reflect the increasing regulatory scrutiny in the crypto space and underscore the need for solutions like Kryptos Safe Harbor Planner to reduce administrative burdens while ensuring compliance.
The Safe Harbor Planner equips users with tools to align with IRS guidelines, including migration of tax lots, automated tax lots planner, and robust support for exporting reports. This capability ensures investors, CPAs, and businesses can meet compliance requirements for crypto taxes without disrupting their broader financial strategies.
Kryptos’s leadership in Web3 finance is driven by its holistic approach to digital asset management. By integrating its advanced crypto tax software with financial insights, developer tools, and enterprise-grade reporting capabilities, Kryptos bridges the gap between innovation and compliance.
Sukesh Tedla, CEO of Kryptos, emphasized the platform’s commitment to clarity and flexibility. “The Safe Harbor Planner provides our users the tools to meet new IRS requirements while maintaining control over their financial strategies. Kryptos is dedicated to supporting every aspect of digital asset management, going beyond tax compliance.”
While Kryptos streamlines compliance, users are responsible for ensuring the accuracy of their filings. Maintaining detailed and accurate records is critical to meeting regulatory standards, particularly as the IRS increases oversight of digital asset transactions.
The Safe Harbor Planner is now available to U.S. crypto investors, businesses, and tax professionals, providing an essential solution for managing crypto taxes effectively. Kryptos continues to lead as the financial hub for Web3, delivering scalable infrastructure for tomorrow’s opportunities.
About Kryptos
Kryptos is pioneering the future of Web3 finance by establishing a standardized financial data protocol layer that seamlessly connects diverse blockchain platforms. As the definitive Open Banking standard for Web3, Kryptos equips developers, businesses, and end-users with the tools necessary to share and utilize data effortlessly. Supporting over 5000 platforms, including major CEXs, DeFi protocols, and blockchain networks, Kryptos enhances interoperability, compliance, and accessibility in Web3 with its APIs and products such as real-time financial analytics, compliance-ready crypto tax software, and personalized portfolio management.
For more information, visit https://kryptos.io/1099-da.
#IRS
Kryptos is more than just crypto tax software. It is a comprehensive financial hub for Web3, empowering digital asset investors, businesses, and developers with tools for real-time transaction tracking, tax automation, treasury management, and developer integrations. By addressing the diverse needs of its users, Kryptos is redefining how the industry approaches crypto taxes, digital asset finance, and compliance.
Revenue Procedure 2024-28, introduced in July 2024, requires U.S. taxpayers to transition to a detailed per-wallet or per-account tracking system by January 1, 2025. This shift enhances transparency but adds complexity for digital asset investors managing diverse portfolios. In December 2024, the IRS finalized broker reporting regulations under Internal Revenue Code sections 6045 and 6045A, expanding requirements to include decentralized finance (DeFi) platforms and front-end providers. Brokers are now mandated to report transactions on Form 1099-DA starting January 1, 2027, with additional Know-Your-Customer (KYC) compliance requirements. These developments reflect the increasing regulatory scrutiny in the crypto space and underscore the need for solutions like Kryptos Safe Harbor Planner to reduce administrative burdens while ensuring compliance.
The Safe Harbor Planner equips users with tools to align with IRS guidelines, including migration of tax lots, automated tax lots planner, and robust support for exporting reports. This capability ensures investors, CPAs, and businesses can meet compliance requirements for crypto taxes without disrupting their broader financial strategies.
Kryptos’s leadership in Web3 finance is driven by its holistic approach to digital asset management. By integrating its advanced crypto tax software with financial insights, developer tools, and enterprise-grade reporting capabilities, Kryptos bridges the gap between innovation and compliance.
Sukesh Tedla, CEO of Kryptos, emphasized the platform’s commitment to clarity and flexibility. “The Safe Harbor Planner provides our users the tools to meet new IRS requirements while maintaining control over their financial strategies. Kryptos is dedicated to supporting every aspect of digital asset management, going beyond tax compliance.”
While Kryptos streamlines compliance, users are responsible for ensuring the accuracy of their filings. Maintaining detailed and accurate records is critical to meeting regulatory standards, particularly as the IRS increases oversight of digital asset transactions.
The Safe Harbor Planner is now available to U.S. crypto investors, businesses, and tax professionals, providing an essential solution for managing crypto taxes effectively. Kryptos continues to lead as the financial hub for Web3, delivering scalable infrastructure for tomorrow’s opportunities.
About Kryptos
Kryptos is pioneering the future of Web3 finance by establishing a standardized financial data protocol layer that seamlessly connects diverse blockchain platforms. As the definitive Open Banking standard for Web3, Kryptos equips developers, businesses, and end-users with the tools necessary to share and utilize data effortlessly. Supporting over 5000 platforms, including major CEXs, DeFi protocols, and blockchain networks, Kryptos enhances interoperability, compliance, and accessibility in Web3 with its APIs and products such as real-time financial analytics, compliance-ready crypto tax software, and personalized portfolio management.
For more information, visit https://kryptos.io/1099-da.
#IRS
Kryptos Launches Safe Harbor Planner to Help U.S. Crypto Investors Navigate IRS Rev Proc 24-28 Guide
GOTHENBURG, SWEDEN, December 30, 2024 - With over 50 million U.S. crypto investors impacted by new IRS regulations, Kryptos has launched its Safe Harbor Planner to simplify compliance with Rev Proc 24-28. Specifically designed to help users and CPAs meet the December 31 deadline for selecting an allocation method, the Planner also facilitates a seamless migration from Universal Cost-Basis tracking to Per-Wallet tracking. Kryptos is the only platform to support both Global Allocation and Specific Unit Allocation methods, offering unmatched flexibility and precision in digital asset tax reporting.
Kryptos is more than just crypto tax software. It is a comprehensive financial hub for Web3, empowering digital asset investors, businesses, and developers with tools for real-time transaction tracking, tax automation, treasury management, and developer integrations. By addressing the diverse needs of its users, Kryptos is redefining how the industry approaches crypto taxes, digital asset finance, and compliance.
Revenue Procedure 2024-28, introduced in July 2024, requires U.S. taxpayers to transition to a detailed per-wallet or per-account tracking system by January 1, 2025. This shift enhances transparency but adds complexity for digital asset investors managing diverse portfolios. In December 2024, the IRS finalized broker reporting regulations under Internal Revenue Code sections 6045 and 6045A, expanding requirements to include decentralized finance (DeFi) platforms and front-end providers. Brokers are now mandated to report transactions on Form 1099-DA starting January 1, 2027, with additional Know-Your-Customer (KYC) compliance requirements. These developments reflect the increasing regulatory scrutiny in the crypto space and underscore the need for solutions like Kryptos Safe Harbor Planner to reduce administrative burdens while ensuring compliance.
The Safe Harbor Planner equips users with tools to align with IRS guidelines, including migration of tax lots, automated tax lots planner, and robust support for exporting reports. This capability ensures investors, CPAs, and businesses can meet compliance requirements for crypto taxes without disrupting their broader financial strategies.
Kryptos’s leadership in Web3 finance is driven by its holistic approach to digital asset management. By integrating its advanced crypto tax software with financial insights, developer tools, and enterprise-grade reporting capabilities, Kryptos bridges the gap between innovation and compliance.
Sukesh Tedla, CEO of Kryptos, emphasized the platform’s commitment to clarity and flexibility. “The Safe Harbor Planner provides our users the tools to meet new IRS requirements while maintaining control over their financial strategies. Kryptos is dedicated to supporting every aspect of digital asset management, going beyond tax compliance.”
While Kryptos streamlines compliance, users are responsible for ensuring the accuracy of their filings. Maintaining detailed and accurate records is critical to meeting regulatory standards, particularly as the IRS increases oversight of digital asset transactions.
The Safe Harbor Planner is now available to U.S. crypto investors, businesses, and tax professionals, providing an essential solution for managing crypto taxes effectively. Kryptos continues to lead as the financial hub for Web3, delivering scalable infrastructure for tomorrow’s opportunities.
About Kryptos
Kryptos is pioneering the future of Web3 finance by establishing a standardized financial data protocol layer that seamlessly connects diverse blockchain platforms. As the definitive Open Banking standard for Web3, Kryptos equips developers, businesses, and end-users with the tools necessary to share and utilize data effortlessly. Supporting over 5000 platforms, including major CEXs, DeFi protocols, and blockchain networks, Kryptos enhances interoperability, compliance, and accessibility in Web3 with its APIs and products such as real-time financial analytics, compliance-ready crypto tax software, and personalized portfolio management.
For more information, visit https://kryptos.io/1099-da.
#IRS
Kryptos is more than just crypto tax software. It is a comprehensive financial hub for Web3, empowering digital asset investors, businesses, and developers with tools for real-time transaction tracking, tax automation, treasury management, and developer integrations. By addressing the diverse needs of its users, Kryptos is redefining how the industry approaches crypto taxes, digital asset finance, and compliance.
Revenue Procedure 2024-28, introduced in July 2024, requires U.S. taxpayers to transition to a detailed per-wallet or per-account tracking system by January 1, 2025. This shift enhances transparency but adds complexity for digital asset investors managing diverse portfolios. In December 2024, the IRS finalized broker reporting regulations under Internal Revenue Code sections 6045 and 6045A, expanding requirements to include decentralized finance (DeFi) platforms and front-end providers. Brokers are now mandated to report transactions on Form 1099-DA starting January 1, 2027, with additional Know-Your-Customer (KYC) compliance requirements. These developments reflect the increasing regulatory scrutiny in the crypto space and underscore the need for solutions like Kryptos Safe Harbor Planner to reduce administrative burdens while ensuring compliance.
The Safe Harbor Planner equips users with tools to align with IRS guidelines, including migration of tax lots, automated tax lots planner, and robust support for exporting reports. This capability ensures investors, CPAs, and businesses can meet compliance requirements for crypto taxes without disrupting their broader financial strategies.
Kryptos’s leadership in Web3 finance is driven by its holistic approach to digital asset management. By integrating its advanced crypto tax software with financial insights, developer tools, and enterprise-grade reporting capabilities, Kryptos bridges the gap between innovation and compliance.
Sukesh Tedla, CEO of Kryptos, emphasized the platform’s commitment to clarity and flexibility. “The Safe Harbor Planner provides our users the tools to meet new IRS requirements while maintaining control over their financial strategies. Kryptos is dedicated to supporting every aspect of digital asset management, going beyond tax compliance.”
While Kryptos streamlines compliance, users are responsible for ensuring the accuracy of their filings. Maintaining detailed and accurate records is critical to meeting regulatory standards, particularly as the IRS increases oversight of digital asset transactions.
The Safe Harbor Planner is now available to U.S. crypto investors, businesses, and tax professionals, providing an essential solution for managing crypto taxes effectively. Kryptos continues to lead as the financial hub for Web3, delivering scalable infrastructure for tomorrow’s opportunities.
About Kryptos
Kryptos is pioneering the future of Web3 finance by establishing a standardized financial data protocol layer that seamlessly connects diverse blockchain platforms. As the definitive Open Banking standard for Web3, Kryptos equips developers, businesses, and end-users with the tools necessary to share and utilize data effortlessly. Supporting over 5000 platforms, including major CEXs, DeFi protocols, and blockchain networks, Kryptos enhances interoperability, compliance, and accessibility in Web3 with its APIs and products such as real-time financial analytics, compliance-ready crypto tax software, and personalized portfolio management.
For more information, visit https://kryptos.io/1099-da.
#IRS
"🤔 Regulasi Baru atau Rayuan dunia Crypto di AS? 🚨"
Kabar panas datang lagi, guys! 🔥 IRS dan Departemen Keuangan AS resmi mengeluarkan aturan baru buat broker crypto. Mulai 2027, semua transaksi aset digital, termasuk NFT dan stablecoin, bakal dilacak dan dilaporkan! 😱
Tapi, pertanyaannya: ini aturan demi transparansi... atau cuma cara mereka ngajak kita main petak umpet pajak? 🤷♂️
👉 Pro:
Mereka bilang ini “menyelaraskan dengan pasar tradisional.” Hmm, transparansi, katanya. 🤔
👉 Kontra:
Pengacara Jake Chervinsky bilang ini langkah berlebihan! “Bukan transparansi, ini birokrasinya overkill.” 🚧
Apakah mereka ngerti crypto itu global? Karena kalo susah banget, banyak proyek bakal pindah ke luar negeri. Adios, Amerika! 😅
🔥 Twist Menarik:
Donald Trump bakal naik jadi presiden lagi 2025. Banyak yang bilang dia bakal bawa kebijakan pro-crypto. Tapi... apakah ini bakal jadi plot twist yang menyelamatkan industri crypto di AS? Atau cuma angin surga politik? 🌬️
Jadi, menurut kalian:
Regulasi ini bakal membunuh crypto di AS atau justru bikin industri lebih matang?
Apakah Donald Trump bakal jadi crypto hero atau cuma drama Netflix aja? 😂
Komentar di bawah dong, guys! Kalian di tim "Janji Manis Crypto" atau tim "Masih Ada Harapan"? 👇
#CryptoRegulations #IRS #NewsAboutCrypto
Kabar panas datang lagi, guys! 🔥 IRS dan Departemen Keuangan AS resmi mengeluarkan aturan baru buat broker crypto. Mulai 2027, semua transaksi aset digital, termasuk NFT dan stablecoin, bakal dilacak dan dilaporkan! 😱
Tapi, pertanyaannya: ini aturan demi transparansi... atau cuma cara mereka ngajak kita main petak umpet pajak? 🤷♂️
👉 Pro:
Mereka bilang ini “menyelaraskan dengan pasar tradisional.” Hmm, transparansi, katanya. 🤔
👉 Kontra:
Pengacara Jake Chervinsky bilang ini langkah berlebihan! “Bukan transparansi, ini birokrasinya overkill.” 🚧
Apakah mereka ngerti crypto itu global? Karena kalo susah banget, banyak proyek bakal pindah ke luar negeri. Adios, Amerika! 😅
🔥 Twist Menarik:
Donald Trump bakal naik jadi presiden lagi 2025. Banyak yang bilang dia bakal bawa kebijakan pro-crypto. Tapi... apakah ini bakal jadi plot twist yang menyelamatkan industri crypto di AS? Atau cuma angin surga politik? 🌬️
Jadi, menurut kalian:
Regulasi ini bakal membunuh crypto di AS atau justru bikin industri lebih matang?
Apakah Donald Trump bakal jadi crypto hero atau cuma drama Netflix aja? 😂
Komentar di bawah dong, guys! Kalian di tim "Janji Manis Crypto" atau tim "Masih Ada Harapan"? 👇
#CryptoRegulations #IRS #NewsAboutCrypto
IRS's Final Decision on Taxation of DeFi and Its Users
Will this new regulation pose challenges for users participating in the DeFi market in 2027?
On July 9, 2024, the U.S. Department of the Treasury issued final regulations requiring custodial brokers to report transaction information for assets they manage on behalf of their clients. Additionally, they warned that similar regulations would be applied to non-custodial brokers in the future.
On December 27, 2024, the U.S. Department of the Treasury officially announced regulations applicable to DeFi, focusing on trading front-end services that enable individual investors to interact with DeFi protocols.
According to the plan, these regulations will take effect on January 1, 2025. Starting in 2027, brokers will be required to disclose information on the total proceeds from the sale of cryptocurrencies and other digital assets, including details related to taxpayers involved in such transactions.
The IRS has analyzed DeFi operations into three distinct layers:
Interface Layer: Where users interact directly, such as trading applications or digital wallets.Application Layer: Where transaction logic is processed, such as smart contracts or DeFi protocols.Settlement Layer: Where actual transactions are executed and recorded on the blockchain.
Although there have been objections arguing that applying traditional securities trading models as a reference is inappropriate due to the significant differences between DeFi and securities trading, the IRS maintains that this model is useful in understanding and defining the fundamental steps of transactions.
According to the IRS, these regulations simply treat DeFi like any other industry, asserting that similar rules have been applied to brokers for over 40 years.
"The Treasury Department and the IRS disagree with the notion that these final regulations show bias against the DeFi industry or that they will discourage the adoption of this technology by law-abiding customers."
-- The IRS stated that... --
The new regulations will apply to digital asset transactions starting in 2027. Brokers will be required to begin collecting and reporting necessary data for digital asset transactions starting in 2026. According to the IRS, between 650 and 875 DeFi projects are expected to be affected by these regulations.
"Reporting information by DeFi brokers under Section 6045 will lead to higher tax compliance, as income earned from digital asset transactions of taxpayers not routed through custodial brokers will become more transparent to both the IRS and the taxpayers."
-- The IRS emphasized that... --
The IRS only applies the reporting obligation to parties that are actually able to collect and provide useful transaction information, such as front-end trading platforms. Other parties that cannot or do not have access to important information will be exempt from this obligation.
Some users on X believe that the new regulations will make it more complicated to participate in the crypto market. They are concerned that transaction processes will be burdened with more regulations, and the requirement to pay taxes will add financial and procedural burdens. This could make participating in the market less straightforward, especially for individual users.
The altcoin market also reacted negatively to this news, with most projects experiencing a slight decline.
#NewsAboutCrypto #CryptoNewss #IRS #defi
On July 9, 2024, the U.S. Department of the Treasury issued final regulations requiring custodial brokers to report transaction information for assets they manage on behalf of their clients. Additionally, they warned that similar regulations would be applied to non-custodial brokers in the future.
On December 27, 2024, the U.S. Department of the Treasury officially announced regulations applicable to DeFi, focusing on trading front-end services that enable individual investors to interact with DeFi protocols.
According to the plan, these regulations will take effect on January 1, 2025. Starting in 2027, brokers will be required to disclose information on the total proceeds from the sale of cryptocurrencies and other digital assets, including details related to taxpayers involved in such transactions.
The IRS has analyzed DeFi operations into three distinct layers:
Interface Layer: Where users interact directly, such as trading applications or digital wallets.Application Layer: Where transaction logic is processed, such as smart contracts or DeFi protocols.Settlement Layer: Where actual transactions are executed and recorded on the blockchain.
Although there have been objections arguing that applying traditional securities trading models as a reference is inappropriate due to the significant differences between DeFi and securities trading, the IRS maintains that this model is useful in understanding and defining the fundamental steps of transactions.
According to the IRS, these regulations simply treat DeFi like any other industry, asserting that similar rules have been applied to brokers for over 40 years.
"The Treasury Department and the IRS disagree with the notion that these final regulations show bias against the DeFi industry or that they will discourage the adoption of this technology by law-abiding customers."
-- The IRS stated that... --
The new regulations will apply to digital asset transactions starting in 2027. Brokers will be required to begin collecting and reporting necessary data for digital asset transactions starting in 2026. According to the IRS, between 650 and 875 DeFi projects are expected to be affected by these regulations.
"Reporting information by DeFi brokers under Section 6045 will lead to higher tax compliance, as income earned from digital asset transactions of taxpayers not routed through custodial brokers will become more transparent to both the IRS and the taxpayers."
-- The IRS emphasized that... --
The IRS only applies the reporting obligation to parties that are actually able to collect and provide useful transaction information, such as front-end trading platforms. Other parties that cannot or do not have access to important information will be exempt from this obligation.
Some users on X believe that the new regulations will make it more complicated to participate in the crypto market. They are concerned that transaction processes will be burdened with more regulations, and the requirement to pay taxes will add financial and procedural burdens. This could make participating in the market less straightforward, especially for individual users.
The altcoin market also reacted negatively to this news, with most projects experiencing a slight decline.
#NewsAboutCrypto #CryptoNewss #IRS #defi
JUST IN: IRS rules demand brokers report digital asset transactions, including DEX exchanges of(2027
🚨 JUST IN: 🇺🇸 IRS Requires Brokers to Report Digital Asset Transactions, Including Decentralized Exchanges, Starting in 2027 💼📊 $BTC $ETH $BNB
In a significant regulatory update, the IRS has announced that starting in 2027, brokers will be required to report digital asset transactions to the agency. This includes not only traditional centralized exchanges but also decentralized exchanges (DEXs), marking a major step toward greater oversight of the cryptocurrency space.
Key Details:
Expanded Reporting: Under the new rules, brokers—defined as entities that facilitate the buying, selling, or exchange of digital assets—will need to report a range of crypto transactions, including those conducted on decentralized platforms. This is the first time such comprehensive reporting will include DEXs, which have previously operated with less regulatory scrutiny.Improved Tax Compliance: The new reporting requirements aim to help ensure that taxpayers are reporting digital asset income accurately and complying with tax obligations. The move comes as part of the IRS's ongoing efforts to clamp down on potential tax evasion related to cryptocurrency transactions.Impact on the Crypto Ecosystem: This shift in regulation could have far-reaching consequences for the decentralized finance (DeFi) space, as decentralized exchanges and platforms will need to navigate the complexities of compliance and potentially alter their operations to accommodate reporting requirements.Timeline: Brokers and exchanges have until 2027 to prepare for these new reporting rules. This gives the industry some time to adapt, but also signals that further regulatory scrutiny is on the horizon for the crypto market.
What’s Next?
This move from the IRS signals that regulation of digital assets is tightening, with both centralized and decentralized platforms now under the tax authorities' radar. As the 2027 deadline approaches, crypto brokers and DeFi platforms will likely need to invest in new compliance measures, potentially changing the way they operate.
For investors, this is a reminder to stay on top of tax obligations as the IRS steps up enforcement in the crypto space.
Stay tuned for further updates! 💡#IRS #IRSUpdates #MarketRebound
In a significant regulatory update, the IRS has announced that starting in 2027, brokers will be required to report digital asset transactions to the agency. This includes not only traditional centralized exchanges but also decentralized exchanges (DEXs), marking a major step toward greater oversight of the cryptocurrency space.
Key Details:
Expanded Reporting: Under the new rules, brokers—defined as entities that facilitate the buying, selling, or exchange of digital assets—will need to report a range of crypto transactions, including those conducted on decentralized platforms. This is the first time such comprehensive reporting will include DEXs, which have previously operated with less regulatory scrutiny.Improved Tax Compliance: The new reporting requirements aim to help ensure that taxpayers are reporting digital asset income accurately and complying with tax obligations. The move comes as part of the IRS's ongoing efforts to clamp down on potential tax evasion related to cryptocurrency transactions.Impact on the Crypto Ecosystem: This shift in regulation could have far-reaching consequences for the decentralized finance (DeFi) space, as decentralized exchanges and platforms will need to navigate the complexities of compliance and potentially alter their operations to accommodate reporting requirements.Timeline: Brokers and exchanges have until 2027 to prepare for these new reporting rules. This gives the industry some time to adapt, but also signals that further regulatory scrutiny is on the horizon for the crypto market.
What’s Next?
This move from the IRS signals that regulation of digital assets is tightening, with both centralized and decentralized platforms now under the tax authorities' radar. As the 2027 deadline approaches, crypto brokers and DeFi platforms will likely need to invest in new compliance measures, potentially changing the way they operate.
For investors, this is a reminder to stay on top of tax obligations as the IRS steps up enforcement in the crypto space.
Stay tuned for further updates! 💡#IRS #IRSUpdates #MarketRebound
#BitwiseBitcoinETF
US Government Sending $2,400,000,000 in ‘Special Payments’ To Americans – With One Million People Expected To Receive Cash
About a million Americans are expected to receive their piece of an imminent $2.4 billion payout from the Internal Revenue Service (IRS). The agency says it will be sending the funds by the end of the month to eligible individuals who did not claim the Recovery Rebate Credit, a refundable credit for taxpayers who did […] The post US Government Sending $2,400,000,000 in ‘Special Payments’ To...
#IRS #TaxRefund #GovernmentPayments #StimulusPayment #Economy #USNews #Finance #Money #SpecialPayment #Crypto
US Government Sending $2,400,000,000 in ‘Special Payments’ To Americans – With One Million People Expected To Receive Cash
About a million Americans are expected to receive their piece of an imminent $2.4 billion payout from the Internal Revenue Service (IRS). The agency says it will be sending the funds by the end of the month to eligible individuals who did not claim the Recovery Rebate Credit, a refundable credit for taxpayers who did […] The post US Government Sending $2,400,000,000 in ‘Special Payments’ To...
#IRS #TaxRefund #GovernmentPayments #StimulusPayment #Economy #USNews #Finance #Money #SpecialPayment #Crypto
MARKET MOVING NEWS (28/12/24)
🔔 MARKET MOVING NEWS! (28/12/24)
1️⃣ IRS Issues Rules On Digital Asset Reporting, Says Front-Ends Are Brokers ‼️
#IRS
The United States Internal Revenue Service (IRS) has reportedly issued final regulations that require brokers to disclose gross proceeds from sales of cryptocurrencies and other digital assets, including information regarding taxpayers involved in the transactions. Notably, this also expands existing reporting requirements to include front-end platforms of decentralised exchanges (DEX). If implemented, front-end interfaces of popular DEXs like Uniswap may soon be mandated to conduct Know Your Customer (KYC) processes on its users. The new rules will begin to apply to digital asset sales starting in 2027. According to the IRS, there are between 650 and 875 estimated DeFi brokers that will be affected by these final regulations. It also estimates that the new regulations will affect up to 2.6 million taxpayers.
2️⃣ Crypto Industry Calls On Congress To Block New DeFi Broker Rules ▶️
The new IRS rules classifying front-end interfaces of DeFi protocols as brokers has reportedly triggered immediate backlash within the crypto industry, with calls for the incoming Congress to overturn the new rules. Notably, many legal experts have taken to social media to suggest that the IRS may be overstepping its authority and infringing constitutional rights.
Jake Chervinsky, chief legal officer at venture capital firm Variant stated,
This unlawful rule is the dying gasp of the anti-crypto army on its way out of power. It must be struck down, either by the courts or the incoming administration.
3️⃣ US-listed Bitcoin, Ether ETFs Tally $38.3B Net Inflows In Launch Year 📊
According to Farside Investors, United States spot Bitcoin exchange-traded funds (ETFs) and spot Ether ETFs recorded a staggering $35.66 billion and $2.68 billion in net inflows in 2024. Notably, spot BTC ETF inflows far exceeded early industry estimates. The top contributors to the net inflows are as follows; BlackRock’s iShares Bitcoin Trust ETF (IBIT) with $37.31 billion in net inflows, Fidelity Wise Origin Bitcoin Fund (FBTC) with $11.84 billion, ARK 21Shares Bitcoin ETF (ARKB) with $2.49 billion, and Bitwise Bitcoin ETF (BITB) with $2.19 billion. These net inflows smashed an earlier $14 billion first-year estimate from Galaxy Digital’s research head Alex Thorn.
4️⃣ Bitget To Burn 40% of Total Supply of BGB And Introduce Quarterly Burns 🔥
Crypto exchange Bitget has announced plans to burn 40% of the supply of its native token ‘BGB.’ It also stated that it will introduce quarterly burns of the BGB token by allocating 20% of profits from its exchange operations and its separate crypto wallet for this purpose. The token buy back and burn program is expected to start in 2025. Notably, the latest announcement follows a previous announcement that revealed it was going to merge the Bitget Wallet Token (BWB) with BGB. The company clarified that the merger will not affect the total supply of BGB.
#CryptoAMA #Crypto2025Trands
1️⃣ IRS Issues Rules On Digital Asset Reporting, Says Front-Ends Are Brokers ‼️
#IRS
The United States Internal Revenue Service (IRS) has reportedly issued final regulations that require brokers to disclose gross proceeds from sales of cryptocurrencies and other digital assets, including information regarding taxpayers involved in the transactions. Notably, this also expands existing reporting requirements to include front-end platforms of decentralised exchanges (DEX). If implemented, front-end interfaces of popular DEXs like Uniswap may soon be mandated to conduct Know Your Customer (KYC) processes on its users. The new rules will begin to apply to digital asset sales starting in 2027. According to the IRS, there are between 650 and 875 estimated DeFi brokers that will be affected by these final regulations. It also estimates that the new regulations will affect up to 2.6 million taxpayers.
2️⃣ Crypto Industry Calls On Congress To Block New DeFi Broker Rules ▶️
The new IRS rules classifying front-end interfaces of DeFi protocols as brokers has reportedly triggered immediate backlash within the crypto industry, with calls for the incoming Congress to overturn the new rules. Notably, many legal experts have taken to social media to suggest that the IRS may be overstepping its authority and infringing constitutional rights.
Jake Chervinsky, chief legal officer at venture capital firm Variant stated,
This unlawful rule is the dying gasp of the anti-crypto army on its way out of power. It must be struck down, either by the courts or the incoming administration.
3️⃣ US-listed Bitcoin, Ether ETFs Tally $38.3B Net Inflows In Launch Year 📊
According to Farside Investors, United States spot Bitcoin exchange-traded funds (ETFs) and spot Ether ETFs recorded a staggering $35.66 billion and $2.68 billion in net inflows in 2024. Notably, spot BTC ETF inflows far exceeded early industry estimates. The top contributors to the net inflows are as follows; BlackRock’s iShares Bitcoin Trust ETF (IBIT) with $37.31 billion in net inflows, Fidelity Wise Origin Bitcoin Fund (FBTC) with $11.84 billion, ARK 21Shares Bitcoin ETF (ARKB) with $2.49 billion, and Bitwise Bitcoin ETF (BITB) with $2.19 billion. These net inflows smashed an earlier $14 billion first-year estimate from Galaxy Digital’s research head Alex Thorn.
4️⃣ Bitget To Burn 40% of Total Supply of BGB And Introduce Quarterly Burns 🔥
Crypto exchange Bitget has announced plans to burn 40% of the supply of its native token ‘BGB.’ It also stated that it will introduce quarterly burns of the BGB token by allocating 20% of profits from its exchange operations and its separate crypto wallet for this purpose. The token buy back and burn program is expected to start in 2025. Notably, the latest announcement follows a previous announcement that revealed it was going to merge the Bitget Wallet Token (BWB) with BGB. The company clarified that the merger will not affect the total supply of BGB.
#CryptoAMA #Crypto2025Trands
💡 DeFi под прицелом налоговой: новое испытание для криптомира?
С 1 января 2027 года IRS вводит новые правила для криптоброкеров, включая игроков из мира DeFi. Теперь они должны будут собирать данные о сделках пользователей и отправлять формы 1099. Да-да, как в традиционных финансах. 📄💰
🔥 Но криптосообщество встретило эти нововведения не с распростёртыми объятиями:
Джейк Червински из Variant прямо заявил, что это давление заставит индустрию искать убежища за границей.
Александр Грив из Paradigm надеется, что новый Конгресс успеет отменить эту инициативу.
❓ А как вам идея делать DeFi более прозрачным? Или это шаг в сторону контроля, а не развития? Напишите своё мнение — горячий спор обеспечен!
#CryptoRegulations
#DeFiFuture
#IRS
С 1 января 2027 года IRS вводит новые правила для криптоброкеров, включая игроков из мира DeFi. Теперь они должны будут собирать данные о сделках пользователей и отправлять формы 1099. Да-да, как в традиционных финансах. 📄💰
🔥 Но криптосообщество встретило эти нововведения не с распростёртыми объятиями:
Джейк Червински из Variant прямо заявил, что это давление заставит индустрию искать убежища за границей.
Александр Грив из Paradigm надеется, что новый Конгресс успеет отменить эту инициативу.
❓ А как вам идея делать DeFi более прозрачным? Или это шаг в сторону контроля, а не развития? Напишите своё мнение — горячий спор обеспечен!
#CryptoRegulations
#DeFiFuture
#IRS
重磅反击！区块链协会与 DeFi 战士们联手对抗 IRS 新规，或为加密自由铺路！
美国国税局最新规定，将某些 DeFi 协议认定为经纪商，要求平台披露 KYC 信息，这不仅引发了业内的强烈反应，更激起了隐私与创新的激烈争论！区块链协会联合多方机构已对其提起诉讼，质疑这项规则的合法性，认为其将大大压制去中心化金融的创新。
与此同时，法律界和投资者纷纷站队，指责这项规则是政府打压加密货币发展的“垂死挣扎”。这不仅是对 DeFi 的攻击，更是对整个区块链创新的挑战！
2025年迎接加密自由的曙光？特朗普政府能否推翻这场加密大审判，值得关注！
洞察市场节奏，才是掌控财富的开始！跟紧老谭，提前布局，让下一个巅峰，属于你的账户！关注老谭，绝不让机会溜走！
#加密ETF申请热潮涌现 #美国加密立法或将重启 #defi #IRS #2025有哪些关键叙事？ $BTC $ETH $XRP
美国国税局最新规定，将某些 DeFi 协议认定为经纪商，要求平台披露 KYC 信息，这不仅引发了业内的强烈反应，更激起了隐私与创新的激烈争论！区块链协会联合多方机构已对其提起诉讼，质疑这项规则的合法性，认为其将大大压制去中心化金融的创新。
与此同时，法律界和投资者纷纷站队，指责这项规则是政府打压加密货币发展的“垂死挣扎”。这不仅是对 DeFi 的攻击，更是对整个区块链创新的挑战！
2025年迎接加密自由的曙光？特朗普政府能否推翻这场加密大审判，值得关注！
洞察市场节奏，才是掌控财富的开始！跟紧老谭，提前布局，让下一个巅峰，属于你的账户！关注老谭，绝不让机会溜走！
#加密ETF申请热潮涌现 #美国加密立法或将重启 #defi #IRS #2025有哪些关键叙事？ $BTC $ETH $XRP
Breaking News: Blockchain Association Takes on IRS Broker Rules! 🚨
The Blockchain Association is challenging the IRS's broker rules, advocating for a more nuanced approach that recognizes the unique characteristics of digital assets. 💡
What's at Stake? 🤔
The IRS's current guidance would require cryptocurrency brokers to report transactions, similar to traditional financial institutions. However, this one-size-fits-all approach fails to account for the complexities of blockchain technology. 🤖
The Blockchain Association's Stand 💪
The Association argues that the IRS's rules are:
Overly broad, capturing non-taxable transactions 📝
Technically unfeasible for many blockchain companies 🚫
Invasive, compromising user privacy 🔒
What This Means for You 🤝
A more balanced approach to regulation would:
Safeguard user privacy 🔒
Promote innovation in the blockchain space 💻
Ensure a level playing field for all industry participants 🏆
Stay Informed, Stay Ahead 📊
Follow us for the latest updates on this developing story! 👉
#BlockchainAssociation #IRS #BlockchainTechnology
#Crypto2025Trends
What's at Stake? 🤔
The IRS's current guidance would require cryptocurrency brokers to report transactions, similar to traditional financial institutions. However, this one-size-fits-all approach fails to account for the complexities of blockchain technology. 🤖
The Blockchain Association's Stand 💪
The Association argues that the IRS's rules are:
Overly broad, capturing non-taxable transactions 📝
Technically unfeasible for many blockchain companies 🚫
Invasive, compromising user privacy 🔒
What This Means for You 🤝
A more balanced approach to regulation would:
Safeguard user privacy 🔒
Promote innovation in the blockchain space 💻
Ensure a level playing field for all industry participants 🏆
Stay Informed, Stay Ahead 📊
Follow us for the latest updates on this developing story! 👉
#BlockchainAssociation #IRS #BlockchainTechnology
#Crypto2025Trends
"Together, we can shape the future of crypto regulations—where innovation thrives and privacy is protected."
Here's a suggested post for Binance regarding the Blockchain Association's challenge to the IRS broker rules:
Blockchain Association Challenges IRS Broker Rules
The Blockchain Association has filed a legal challenge against the IRS’s controversial new broker rules, which could impose stringent reporting requirements on digital asset transactions. The rules, set to take effect in 2024, have raised concerns within the crypto community, with critics arguing they could stifle innovation and hinder privacy.
As an advocate for transparency, innovation, and fair regulations, Binance supports efforts to ensure that regulations around blockchain and crypto assets are clear, reasonable, and conducive to growth. We continue to stand with industry leaders in ensuring the voice of the blockchain community is heard.
Stay informed as this critical case unfolds!
#CryptoRegulation #BlockchainAssociation #IRS #BinanceSquareTalks #Blockchain
Here's a suggested post for Binance regarding the Blockchain Association's challenge to the IRS broker rules:
Blockchain Association Challenges IRS Broker Rules
The Blockchain Association has filed a legal challenge against the IRS’s controversial new broker rules, which could impose stringent reporting requirements on digital asset transactions. The rules, set to take effect in 2024, have raised concerns within the crypto community, with critics arguing they could stifle innovation and hinder privacy.
As an advocate for transparency, innovation, and fair regulations, Binance supports efforts to ensure that regulations around blockchain and crypto assets are clear, reasonable, and conducive to growth. We continue to stand with industry leaders in ensuring the voice of the blockchain community is heard.
Stay informed as this critical case unfolds!
#CryptoRegulation #BlockchainAssociation #IRS #BinanceSquareTalks #Blockchain
Year-End Crypto Tax Tips To Save Money And Avoid Penalties.
The IRS is making big changes starting Jan 1, 2025, and if you don’t prep now, you could pay more in crypto taxes or face penalties. Here’s what you need to do before the year-end to avoid penalties, save money, and stay ahead of the game.
Understand Crypto Tax Basics
At a high level, the following transactions lead to taxable events.
• Selling crypto for fiat
• Trading one cryptocurrency for another
• Spending crypto on goods or services
• Earning crypto through staking, mining, or rewards
• Receiving airdrops or hard forks
If you have engaged in any of these activities in 2024, you will likely need to file Form 8949, Schedule D, or Schedule 1 with your taxes next year.
Non-taxable transactions include transfers between your own wallets or exchange accounts, and sending or receiving crypto gifts. Even though these are not taxable, you still need to track them for accurate record-keeping.
Use Crypto Tax Software
Today, most cryptocurrency exchanges don’t send you detailed tax forms like stock brokers. However, you are still responsible for accurately tracking and reporting your crypto gains and losses. Manually calculating crypto gains and losses is nearly impossible, especially if you have numerous transactions across multiple wallets & exchanges. You can use a reputed crypto tax software tool to automate this process.
Crypto tax software tools connect with your wallets and exchanges (read-only access), automatically calculate gains and losses, and generate necessary tax forms like Form 8949, Schedule D, Schedule 1, and other reports you need to submit with your tax return.
Set Aside Funds for Taxes
Made crypto profits this year? Congratulations! But remember, the IRS expects a cut of those gains.
A good rule of thumb is to set aside 25% - 30% of your profits in cash or stablecoins to cover the upcoming tax bill. (In some cases, these percentages can be as high as 37%)
If you have profited over $100,000 in crypto, consider hiring a qualified CPA to project your tax liability. This will ensure you are not caught off guard when tax season rolls around.
Harvest Crypto Losses to Offset Crypto Gains
If some of your investments are underwater (the market value is below how much you paid for the investment), you can consider selling these positions before the year-end to harvest losses. These losses can help you offset current-year crypto gains and even carry forward these losses to the future in some cases. Make sure to tax loss harvest before December 31, 2024, to take advantage of the strategy and reduce your 2024 tax bill.
Switch to the Per-Wallet Tracking Method
Starting January 1, 2025, the IRS will no longer allow the Universal cost basis tracking method for crypto assets. Instead, you must use the Per-wallet method. (Rev. Proc. 2024-28)
Here’s the difference:
• Universal Method: Assumes you have one giant wallet. You could sell crypto from one wallet but report it as sold from another to minimize taxes. Ex: Wallet A and Wallet B have 1 BTC each. You sell 1 BTC at wallet B. For tax purposes, you can say you sold the BTC at Wallet A.
• Per-Wallet Method: Requires you to report transactions based on the specific wallet used. Ex: Wallet A and Wallet B has 1 BTC. You sell 1 BTC at wallet B. For tax purposes, you can only say you sold the BTC at Wallet B.
If you have been using the Universal method, make sure to transition into Per-wallet method by December 31, 2024, to stay compliant. Ignoring this change could result in penalties in the future.
#CryptoTaxes2025
#IRS $BTC
$XRP
$BNB
Understand Crypto Tax Basics
At a high level, the following transactions lead to taxable events.
• Selling crypto for fiat
• Trading one cryptocurrency for another
• Spending crypto on goods or services
• Earning crypto through staking, mining, or rewards
• Receiving airdrops or hard forks
If you have engaged in any of these activities in 2024, you will likely need to file Form 8949, Schedule D, or Schedule 1 with your taxes next year.
Non-taxable transactions include transfers between your own wallets or exchange accounts, and sending or receiving crypto gifts. Even though these are not taxable, you still need to track them for accurate record-keeping.
Use Crypto Tax Software
Today, most cryptocurrency exchanges don’t send you detailed tax forms like stock brokers. However, you are still responsible for accurately tracking and reporting your crypto gains and losses. Manually calculating crypto gains and losses is nearly impossible, especially if you have numerous transactions across multiple wallets & exchanges. You can use a reputed crypto tax software tool to automate this process.
Crypto tax software tools connect with your wallets and exchanges (read-only access), automatically calculate gains and losses, and generate necessary tax forms like Form 8949, Schedule D, Schedule 1, and other reports you need to submit with your tax return.
Set Aside Funds for Taxes
Made crypto profits this year? Congratulations! But remember, the IRS expects a cut of those gains.
A good rule of thumb is to set aside 25% - 30% of your profits in cash or stablecoins to cover the upcoming tax bill. (In some cases, these percentages can be as high as 37%)
If you have profited over $100,000 in crypto, consider hiring a qualified CPA to project your tax liability. This will ensure you are not caught off guard when tax season rolls around.
Harvest Crypto Losses to Offset Crypto Gains
If some of your investments are underwater (the market value is below how much you paid for the investment), you can consider selling these positions before the year-end to harvest losses. These losses can help you offset current-year crypto gains and even carry forward these losses to the future in some cases. Make sure to tax loss harvest before December 31, 2024, to take advantage of the strategy and reduce your 2024 tax bill.
Switch to the Per-Wallet Tracking Method
Starting January 1, 2025, the IRS will no longer allow the Universal cost basis tracking method for crypto assets. Instead, you must use the Per-wallet method. (Rev. Proc. 2024-28)
Here’s the difference:
• Universal Method: Assumes you have one giant wallet. You could sell crypto from one wallet but report it as sold from another to minimize taxes. Ex: Wallet A and Wallet B have 1 BTC each. You sell 1 BTC at wallet B. For tax purposes, you can say you sold the BTC at Wallet A.
• Per-Wallet Method: Requires you to report transactions based on the specific wallet used. Ex: Wallet A and Wallet B has 1 BTC. You sell 1 BTC at wallet B. For tax purposes, you can only say you sold the BTC at Wallet B.
If you have been using the Universal method, make sure to transition into Per-wallet method by December 31, 2024, to stay compliant. Ignoring this change could result in penalties in the future.
#CryptoTaxes2025
#IRS $BTC
$XRP
$BNB