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🔥#Cryptonews🔥 : #US Treasury Department and #IRS Propose Higher Taxes for Most #NFTs Suggesting They Be Classified as Collectibles.
IRS Deals Devastating Blow to FTX With $24 Billion Tax Claim, Crypto Exchange Pushes Back.
FTX has challenged the potentially fatal tax claims levied by the IRS last month for $24 billion. Image by Michael O’Keene, Adobe Stock.
According to a November 30 filing by FTX debtors, the IRS tax claims of $24 billion filed in early November are “completely unsubstantiated” and FTX has now requested that the claims be dismissed by the bankruptcy court.
Sam Bankman-Fried’s FTX was hit with a major setback in its bankruptcy proceedings when the IRS filed the staggering tax claims last month, presenting a potentially insurmountable obstacle for the exchange as it attempts to recover funds and reimburse customers.
FTX asserted that the IRS has failed to provide any factual or legal rationale to justify tax claims of such an immense magnitude, especially given FTX’s financial circumstances.
The filing stated that despite ongoing discussions and repeated requests, the IRS has not substantiated the basis for maintaining tax claims that vastly exceed FTX’s estimated earnings and debts. FTX argued that the IRS claims, which currently total 47 separate claims against 31 FTX debtors, were speculative and threatened to impede customer reimbursement efforts indefinitely.
The scale of the IRS tax claims against FTX, among the largest ever levied by the agency, has prompted urgent legal action by the exchange. FTX contends that the unexpected tax claims of approximately $24 billion could critically impact its objective of restoring funds to customers and creditors affected by FTX’s shocking collapse in November 2022.
According to analysts, IRS tax claims have the potential to completely derail FTX’s bankruptcy proceedings if not dismissed or dramatically reduced. Some experts view the claims as a potentially lethal blow to hopes of rehabilitating the exchange and question whether FTX can continue operations at all given the scale of the IRS action.
#IRS #ftx #FTX2.0 #FTX's #FTXRevival
$BTC $XRP $SOL
FTX has challenged the potentially fatal tax claims levied by the IRS last month for $24 billion. Image by Michael O’Keene, Adobe Stock.
According to a November 30 filing by FTX debtors, the IRS tax claims of $24 billion filed in early November are “completely unsubstantiated” and FTX has now requested that the claims be dismissed by the bankruptcy court.
Sam Bankman-Fried’s FTX was hit with a major setback in its bankruptcy proceedings when the IRS filed the staggering tax claims last month, presenting a potentially insurmountable obstacle for the exchange as it attempts to recover funds and reimburse customers.
FTX asserted that the IRS has failed to provide any factual or legal rationale to justify tax claims of such an immense magnitude, especially given FTX’s financial circumstances.
The filing stated that despite ongoing discussions and repeated requests, the IRS has not substantiated the basis for maintaining tax claims that vastly exceed FTX’s estimated earnings and debts. FTX argued that the IRS claims, which currently total 47 separate claims against 31 FTX debtors, were speculative and threatened to impede customer reimbursement efforts indefinitely.
The scale of the IRS tax claims against FTX, among the largest ever levied by the agency, has prompted urgent legal action by the exchange. FTX contends that the unexpected tax claims of approximately $24 billion could critically impact its objective of restoring funds to customers and creditors affected by FTX’s shocking collapse in November 2022.
According to analysts, IRS tax claims have the potential to completely derail FTX’s bankruptcy proceedings if not dismissed or dramatically reduced. Some experts view the claims as a potentially lethal blow to hopes of rehabilitating the exchange and question whether FTX can continue operations at all given the scale of the IRS action.
#IRS #ftx #FTX2.0 #FTX's #FTXRevival
$BTC $XRP $SOL
IRS $80B Investment In Workforce And Technology To Improve Tax Enforcement
In the next two years, the #IRS aims to implement new technology, hire close to 30,000 additional personnel, and invest $80 billion in boosting customer service and tax enforcement.
Over the next two years, the Internal Revenue Service (IRS) in the United States plans to implement new technologies and hire up to 30,000 new personnel. The $80 billion investment plan, according to a report from Reuters, aims to enhance tax enforcement and customer service.
According to the IRS, it will use the additional budget to devote roughly $8.64 billion between 2023 and 2024, adding 8,782 new employees to the enforcement team. This will make it easier for the IRS to enforce tax rules and guarantee that taxpayers fulfill their commitments.
According to Wally Adeyemo, the US Deputy Treasury Secretary, the IRS will employ more data scientists than ever before for enforcement purposes. By using modern data analytics technology, revenue agents and conventional tax attorneys will be able to identify audit targets.
The study also discloses that over the following two years, the IRS will continue to hire 13,883 full-time equivalent personnel in the area of customer support. The goal of this is to enhance customer service and guarantee that taxpayers get the support they require to fulfill their duties.
Additionally, the $80 billion in financing will aid in upgrading computer systems and rebuilding auditing capacity. This is essential to ensure that the IRS can keep up with the rapidly changing technological landscape and that its infrastructure is current and secure.
This news is republished from https://coinaquarium.io/
Over the next two years, the Internal Revenue Service (IRS) in the United States plans to implement new technologies and hire up to 30,000 new personnel. The $80 billion investment plan, according to a report from Reuters, aims to enhance tax enforcement and customer service.
According to the IRS, it will use the additional budget to devote roughly $8.64 billion between 2023 and 2024, adding 8,782 new employees to the enforcement team. This will make it easier for the IRS to enforce tax rules and guarantee that taxpayers fulfill their commitments.
According to Wally Adeyemo, the US Deputy Treasury Secretary, the IRS will employ more data scientists than ever before for enforcement purposes. By using modern data analytics technology, revenue agents and conventional tax attorneys will be able to identify audit targets.
The study also discloses that over the following two years, the IRS will continue to hire 13,883 full-time equivalent personnel in the area of customer support. The goal of this is to enhance customer service and guarantee that taxpayers get the support they require to fulfill their duties.
Additionally, the $80 billion in financing will aid in upgrading computer systems and rebuilding auditing capacity. This is essential to ensure that the IRS can keep up with the rapidly changing technological landscape and that its infrastructure is current and secure.
This news is republished from https://coinaquarium.io/
IRS Clarifies Crypto Staking Rules
CryptosHeadlines.com - The Leading Crypto Research Network:
On July 31, the Internal Revenue Service (IRS) released new guidelines explaining how they will tax cryptocurrency staking rewards.
The Internal Revenue Service (IRS) issued new guidelines on July 31 regarding the taxation of cryptocurrency staking rewards.
According to the new rules, taxpayers who participate in staking on proof-of-stake blockchains and earn additional cryptocurrency as rewards must include the value of these rewards in their gross income in the same taxable year they receive them.
This rule applies specifically to cash-method taxpayers. It states that the value to be reported is the fair market value of the cryptocurrency at the time when the taxpayer gains “dominion and control” over the rewards.
This typically occurs when the taxpayer can sell, exchange, or use the received cryptocurrency units for transactions.
Digital Representation of Value:
The Internal Revenue Code defines a digital asset as a “digital representation of value recorded on a secure digital ledger, like blockchain.” This category includes cryptocurrencies and convertible virtual currencies.
In 2022, two cryptocurrency investors tried to get a tax refund for the taxes they paid on Tezos (XTZ) staking rewards. They argued that staking rewards should not be taxed as income because staking generates new property. They took the matter to court and declined a refund offer from the IRS to seek an official ruling.
However, the case was dismissed in October 2022, and appeals have been pending since November.
Although that particular case didn’t result in a ruling, the IRS website indicates that staking income should be treated as taxable income, just like mining income.
Recently, the IRS issued new guidelines on cryptocurrency taxes after resolving another tax dispute involving cryptocurrency exchange Kraken.
The exchange was required to provide specific investor data to the IRS on June 30. However, it managed to limit the scope of the agency’s requests through successful legal negotiations.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#CryptocurrencyNews #NFT #Web3 #Blockchain #IRS $BTC
On July 31, the Internal Revenue Service (IRS) released new guidelines explaining how they will tax cryptocurrency staking rewards.
The Internal Revenue Service (IRS) issued new guidelines on July 31 regarding the taxation of cryptocurrency staking rewards.
According to the new rules, taxpayers who participate in staking on proof-of-stake blockchains and earn additional cryptocurrency as rewards must include the value of these rewards in their gross income in the same taxable year they receive them.
This rule applies specifically to cash-method taxpayers. It states that the value to be reported is the fair market value of the cryptocurrency at the time when the taxpayer gains “dominion and control” over the rewards.
This typically occurs when the taxpayer can sell, exchange, or use the received cryptocurrency units for transactions.
Digital Representation of Value:
The Internal Revenue Code defines a digital asset as a “digital representation of value recorded on a secure digital ledger, like blockchain.” This category includes cryptocurrencies and convertible virtual currencies.
In 2022, two cryptocurrency investors tried to get a tax refund for the taxes they paid on Tezos (XTZ) staking rewards. They argued that staking rewards should not be taxed as income because staking generates new property. They took the matter to court and declined a refund offer from the IRS to seek an official ruling.
However, the case was dismissed in October 2022, and appeals have been pending since November.
Although that particular case didn’t result in a ruling, the IRS website indicates that staking income should be treated as taxable income, just like mining income.
Recently, the IRS issued new guidelines on cryptocurrency taxes after resolving another tax dispute involving cryptocurrency exchange Kraken.
The exchange was required to provide specific investor data to the IRS on June 30. However, it managed to limit the scope of the agency’s requests through successful legal negotiations.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#CryptocurrencyNews #NFT #Web3 #Blockchain #IRS $BTC
🇺🇸 IRS confirms crypto holders not required to report gains or losses after blockchain protocol upgrades.
#IRS #blockchain #BTC #crypto2023 #BNB
#IRS #blockchain #BTC #crypto2023 #BNB
IRS is bolstering its team with two cryptocurrency experts from the private sector
The Internal Revenue Service (IRS) announced the hiring of two specialists in cryptocurrency taxes from the private sector, a move aimed at strengthening preparations for the approaching tax period. This initiative utilizes funds provided by the Inflation Reduction Acts (IRA), federal legislative measures aimed at curbing inflation, and aims to improve regulatory compliance in rapidly evolving areas, with digital assets being considered a key priority.
New reinforcement for the IRS focusing on digital assets
The IRS is expanding its ranks with Sulolita Mukherjee and Seth Wilks, who come from the private sector with rich experience in tax advisory and the cryptocurrency industry. Their task will be to support the IRS in developing services, reporting methodologies, regulatory compliance, and enforcement of rules regarding digital assets. IRS Commissioner Danny Werfel emphasizes that involving experts from the private sector is crucial for successfully creating infrastructure for digital assets that will operate efficiently and satisfy all parties.
Inflation Reduction Act as a source of funding
The IRS will utilize funds acquired through the Inflation Reduction Act (IRA) for the development and improvement of compliance in newly forming markets, including digital assets. It is important to note that American taxpayers are not required to report holdings of cryptocurrencies stored in wallets, transfers between wallets owned by the same person, or purchases of digital assets for fiat currency.
Updates to cryptocurrency transaction reporting rules
Before the start of the tax season, the IRS stated that cryptocurrency transactions exceeding $10,000 do not require reporting. This statement preceded the planned introduction of a rule that was postponed until a regulatory framework is established. This step suspended the earlier decision requiring all American businesses to report cryptocurrency transactions exceeding $10,000. The House Financial Services Committee of the United States House of Representatives also highlighted issues associated with inadequately prepared rules for reporting digital assets, which were introduced earlier in the year.
#IRS #crypto #tax
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
New reinforcement for the IRS focusing on digital assets
The IRS is expanding its ranks with Sulolita Mukherjee and Seth Wilks, who come from the private sector with rich experience in tax advisory and the cryptocurrency industry. Their task will be to support the IRS in developing services, reporting methodologies, regulatory compliance, and enforcement of rules regarding digital assets. IRS Commissioner Danny Werfel emphasizes that involving experts from the private sector is crucial for successfully creating infrastructure for digital assets that will operate efficiently and satisfy all parties.
Inflation Reduction Act as a source of funding
The IRS will utilize funds acquired through the Inflation Reduction Act (IRA) for the development and improvement of compliance in newly forming markets, including digital assets. It is important to note that American taxpayers are not required to report holdings of cryptocurrencies stored in wallets, transfers between wallets owned by the same person, or purchases of digital assets for fiat currency.
Updates to cryptocurrency transaction reporting rules
Before the start of the tax season, the IRS stated that cryptocurrency transactions exceeding $10,000 do not require reporting. This statement preceded the planned introduction of a rule that was postponed until a regulatory framework is established. This step suspended the earlier decision requiring all American businesses to report cryptocurrency transactions exceeding $10,000. The House Financial Services Committee of the United States House of Representatives also highlighted issues associated with inadequately prepared rules for reporting digital assets, which were introduced earlier in the year.
#IRS #crypto #tax
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
The U.S. Internal Revenue Service draft: Digital assets will inject $28 billion in tax revenue into the treasury🤨
The US IRS has released a draft proposal (Form 1099-DA) which requires digital asset brokers to comply with the same information reporting rules consistent with other financial instruments, which is expected to net $28bln in tax revenues to the US over the next decade. Expect to see more crypto development interests move out East in the wake of these proposals, as the Biden Administration has made itself very clear on where it stands on how digital assets will be treated on US shores.
#interestrates #IRS #digitalassets #Crypto #tax
The US IRS has released a draft proposal (Form 1099-DA) which requires digital asset brokers to comply with the same information reporting rules consistent with other financial instruments, which is expected to net $28bln in tax revenues to the US over the next decade. Expect to see more crypto development interests move out East in the wake of these proposals, as the Biden Administration has made itself very clear on where it stands on how digital assets will be treated on US shores.
#interestrates #IRS #digitalassets #Crypto #tax
Democrats are still pushing the issue even though #Republicans were able to stop a tax-loss harvesting provision that was intended to target the #cryptocurrency business from being buried into the recently enacted debt ceiling bill.
Before the bill was put to a vote in the House and Senate, #Congress eliminated the part on cryptocurrency #taxes. The clause was designed to stop cryptocurrency wash trading. While wash trading is prohibited when it comes to securities, the #IRS does not consider cryptocurrency to be a security.
Before the bill was put to a vote in the House and Senate, #Congress eliminated the part on cryptocurrency #taxes. The clause was designed to stop cryptocurrency wash trading. While wash trading is prohibited when it comes to securities, the #IRS does not consider cryptocurrency to be a security.
JUST IN: 🇺🇸 Florida Governor Ron DeSantis says he will abolish the IRS if elected President in 2024.
#crypto2023 #IRS
#crypto2023 #IRS
The U.S. Internal Revenue Service (IRS) has announced that it will not require companies to report certain transactions involving digital assets until regulations are issued. The Infrastructure Investment and Jobs Act treats digital assets like cash and mandates taxpayers engaged in trade or business to report transactions over $10,000. However, the Treasury Department and the National Tax Service must issue regulations before the Act takes full effect due to the transitional provision 2024-4PDF. 🇺🇸💰 #IRS #digitalassets #regulations
NEW CRYPTO TAX REPORTING LAW took effect on Jan 1st 2024
Key Takeaways:
🥇 You must fill out IRS Form 8300 if you receive $10,000 in digital assets (or multiple tx adding up to $10k)
🥇 Senders KYC, SS or TIN
🥇 File within 15-days of tx [ or penalties ]
🥇 For individuals & businesses
➡️ The Infrastructure Investment and Jobs Act passed in 2021 requires reporting of $10,000+ crypto transactions to the IRS.
➡️ Failure to report within 15 days may result in a felony offense.
➡️ The law became effective on January 1st, 2024, and applies to all Americans.
➡️ Coin Center filed a lawsuit against the Treasury Department in 2022, challenging the constitutionality of the law.
➡️ Compliance with the new law is difficult due to a lack of guidance from the IRS.
➡️ The IRS must clarify reporting standards and procedures for cryptocurrency transactions.
➡️ The Treasury Department must address questions regarding anonymous transactions and sender identification.
➡️ The IRS has not provided an updated form for reporting cryptocurrency transactions.
➡️ It is uncertain if the IRS will issue guidance or a new form in the near future.
Source : https://www.congress.gov/117/plaws/publ58/PLAW-117publ58.pdf
RT & Share to your all Friends.
#CryptoTax #IRS #Bitcoin #Cryptocurrency #CryptoPatel
Key Takeaways:
🥇 You must fill out IRS Form 8300 if you receive $10,000 in digital assets (or multiple tx adding up to $10k)
🥇 Senders KYC, SS or TIN
🥇 File within 15-days of tx [ or penalties ]
🥇 For individuals & businesses
➡️ The Infrastructure Investment and Jobs Act passed in 2021 requires reporting of $10,000+ crypto transactions to the IRS.
➡️ Failure to report within 15 days may result in a felony offense.
➡️ The law became effective on January 1st, 2024, and applies to all Americans.
➡️ Coin Center filed a lawsuit against the Treasury Department in 2022, challenging the constitutionality of the law.
➡️ Compliance with the new law is difficult due to a lack of guidance from the IRS.
➡️ The IRS must clarify reporting standards and procedures for cryptocurrency transactions.
➡️ The Treasury Department must address questions regarding anonymous transactions and sender identification.
➡️ The IRS has not provided an updated form for reporting cryptocurrency transactions.
➡️ It is uncertain if the IRS will issue guidance or a new form in the near future.
Source : https://www.congress.gov/117/plaws/publ58/PLAW-117publ58.pdf
RT & Share to your all Friends.
#CryptoTax #IRS #Bitcoin #Cryptocurrency #CryptoPatel
#bitcoinhalving
🇺🇸 IRS releases draft form to report certain crypto transactions
The Internal Revenue Service released an early draft of a tax form for brokers and #exchanges to report certain sales of digital assets, giving insight into how the IRS may categorize brokers. In the Form 1099-DA draft posted on Thursday, the #IRS lists broker types: kiosk operator, digital asset payment processor, hosted wallet provider, unhosted wallet provider and others. The form also asks for a "#digitalassets address" and whether the asset is a "noncovered security."
#Token2049
🇺🇸 IRS releases draft form to report certain crypto transactions
The Internal Revenue Service released an early draft of a tax form for brokers and #exchanges to report certain sales of digital assets, giving insight into how the IRS may categorize brokers. In the Form 1099-DA draft posted on Thursday, the #IRS lists broker types: kiosk operator, digital asset payment processor, hosted wallet provider, unhosted wallet provider and others. The form also asks for a "#digitalassets address" and whether the asset is a "noncovered security."
#Token2049
Unraveling Recent Developments in the Crypto World. 👀🎰
In the fast-paced realm of cryptocurrency, recent events have stirred the waters, bringing attention to regulatory challenges and potential market manipulations.
BlackRock XRP Trust Filing Confusion:
False filing in Delaware led to industry-wide confusion.
Highlights concerns about regulatory oversight and potential market manipulation.
IRS's Proposed Rulemaking on Crypto Tax Reporting:
Explore the implications of the IRS's proposed rules on crypto tax reporting.
Understand how these regulations might impact crypto enthusiasts and investors.
Upcoming Events in the Crypto Space:
Stay informed about key events shaping the crypto landscape.
Explore opportunities and potential market shifts driven by these events.
The crypto industry continues to evolve, presenting a mix of challenges and opportunities. As stakeholders navigate these developments, staying informed is key to making informed decisions in this dynamic space.
#BlackRock #Ripple #xrp #IRS
In the fast-paced realm of cryptocurrency, recent events have stirred the waters, bringing attention to regulatory challenges and potential market manipulations.
BlackRock XRP Trust Filing Confusion:
False filing in Delaware led to industry-wide confusion.
Highlights concerns about regulatory oversight and potential market manipulation.
IRS's Proposed Rulemaking on Crypto Tax Reporting:
Explore the implications of the IRS's proposed rules on crypto tax reporting.
Understand how these regulations might impact crypto enthusiasts and investors.
Upcoming Events in the Crypto Space:
Stay informed about key events shaping the crypto landscape.
Explore opportunities and potential market shifts driven by these events.
The crypto industry continues to evolve, presenting a mix of challenges and opportunities. As stakeholders navigate these developments, staying informed is key to making informed decisions in this dynamic space.
#BlackRock #Ripple #xrp #IRS
🤔 Jerry Brito, Executive Director of Coin Center, voices concerns about compliance challenges with IRS reporting requirements for cryptocurrency brokers, highlighting ambiguity in the infrastructure bill's provisions regarding reporting of miner and validator rewards. 💰📝 #CryptoTax #IRS