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New IRS Crypto Tax Reporting Rules: What You Need to Know
The IRS is rolling out a fresh set of crypto tax reporting requirements, with significant implications for brokers, centralized exchanges, and decentralized platforms. These new rules aim to enhance compliance, ensure transparency, and streamline the reporting of digital asset transactions. Here’s a breakdown of what crypto investors and platforms need to know:
Centralized Exchanges to Report via Form 1099-DA in 2025
Starting in 2025, centralized exchanges will be required to file Form 1099-DA with the IRS. Key highlights include:
Scope of Reporting: Brokers must disclose acquisition and disposal details of crypto transactions.Effective Timeline: Reports for 2025 transactions must be submitted by early 2026.Cost Basis Exclusion: Cost basis data will only become mandatory starting with the 2026 tax year, giving brokers time to adjust.
For ETF investors, reporting has already started in 2024, with issuers required to file 1099-B or 1099-DA forms. These changes aim to streamline compliance while avoiding new tax burdens for digital asset holders.
DeFi Platforms to Begin Reporting in 2027
Decentralized platforms will join the IRS reporting requirements in 2027. They will be responsible for reporting:
Gross Proceeds Only: DeFi platforms won’t report cost basis due to the decentralized nature of transactions.Broker Scope: Applies to platforms handling custody, including trading platforms, wallet providers, and payment processors.
This extended timeline reflects the complexities of monitoring peer-to-peer transactions in DeFi ecosystems.
Aligning Regulations with Industry Growth
These rules align with the broader pro-crypto stance of the current U.S. administration, which aims to:
Support blockchain innovation.Ensure regulatory clarity for businesses and investors.Foster stability in the crypto market.
The IRS has also issued guidance for DeFi brokers to report detailed transaction data, reinforcing transparency.
Key Takeaways for Investors and Platforms
For Investors: Prepare for increased scrutiny of crypto transactions and ensure accurate tax filings.For Platforms: Brokers must upgrade systems to meet the new reporting standards by the stated deadlines.
This regulatory push underscores the growing mainstream adoption of crypto and the need for com
#cryptotax #IRS #DeFi #CryptoNews #TheCoinRepublic
Centralized Exchanges to Report via Form 1099-DA in 2025
Starting in 2025, centralized exchanges will be required to file Form 1099-DA with the IRS. Key highlights include:
Scope of Reporting: Brokers must disclose acquisition and disposal details of crypto transactions.Effective Timeline: Reports for 2025 transactions must be submitted by early 2026.Cost Basis Exclusion: Cost basis data will only become mandatory starting with the 2026 tax year, giving brokers time to adjust.
For ETF investors, reporting has already started in 2024, with issuers required to file 1099-B or 1099-DA forms. These changes aim to streamline compliance while avoiding new tax burdens for digital asset holders.
DeFi Platforms to Begin Reporting in 2027
Decentralized platforms will join the IRS reporting requirements in 2027. They will be responsible for reporting:
Gross Proceeds Only: DeFi platforms won’t report cost basis due to the decentralized nature of transactions.Broker Scope: Applies to platforms handling custody, including trading platforms, wallet providers, and payment processors.
This extended timeline reflects the complexities of monitoring peer-to-peer transactions in DeFi ecosystems.
Aligning Regulations with Industry Growth
These rules align with the broader pro-crypto stance of the current U.S. administration, which aims to:
Support blockchain innovation.Ensure regulatory clarity for businesses and investors.Foster stability in the crypto market.
The IRS has also issued guidance for DeFi brokers to report detailed transaction data, reinforcing transparency.
Key Takeaways for Investors and Platforms
For Investors: Prepare for increased scrutiny of crypto transactions and ensure accurate tax filings.For Platforms: Brokers must upgrade systems to meet the new reporting standards by the stated deadlines.
This regulatory push underscores the growing mainstream adoption of crypto and the need for com
#cryptotax #IRS #DeFi #CryptoNews #TheCoinRepublic
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Crypto and Taxes: Playing by the New Rules 💼🪙
In 2025, centralized US exchanges like Coinbase and Gemini will start reporting customer transaction data to the IRS. 🕵️♂️
🔍 What does this mean?
1️⃣ Forget about anonymity — your transactions are now in plain sight of the tax authorities.
2️⃣ Exchanges will report profits and losses so the IRS can check whether you are paying taxes on crypto.
💡 What to do?
✔️ Be honest: include your transactions when filing your taxes.
✔️ Keep track of your transactions to avoid confusion.
✔️ When in doubt, consult a tax expert.
Main: Crypto taxes are not a death sentence, but a step towards legalizing the industry. The more transparency, the closer we are to mass recognition of cryptocurrencies. 🚀
How do you feel about such changes? Share your opinion! 🤔💬
#CryptoTaxes
#Coinbase
#Gemini
#IRS
#CryptoNews
In 2025, centralized US exchanges like Coinbase and Gemini will start reporting customer transaction data to the IRS. 🕵️♂️
🔍 What does this mean?
1️⃣ Forget about anonymity — your transactions are now in plain sight of the tax authorities.
2️⃣ Exchanges will report profits and losses so the IRS can check whether you are paying taxes on crypto.
💡 What to do?
✔️ Be honest: include your transactions when filing your taxes.
✔️ Keep track of your transactions to avoid confusion.
✔️ When in doubt, consult a tax expert.
Main: Crypto taxes are not a death sentence, but a step towards legalizing the industry. The more transparency, the closer we are to mass recognition of cryptocurrencies. 🚀
How do you feel about such changes? Share your opinion! 🤔💬
#CryptoTaxes
#Coinbase
#Gemini
#IRS
#CryptoNews
Радомир:
хуесосы
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
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
🚨 The Internal Revenue Service #IRS has issued new guidance on how #staking rewards should be taxed, which could influence #investor behavior, particularly for those involved in proof-of-stake cryptocurrencies like $ETH
#NewsAboutCrypto
#NewsAboutCrypto
#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❤️🩹)
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
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💡 DeFi under the radar of the tax authorities: a new challenge for the crypto world?
Starting January 1, 2027, the IRS is introducing new rules for crypto brokers, including players from the DeFi space. Now they will have to collect data on user transactions and send out 1099 forms. Yes-yes, just like in traditional finance. 📄💰
🔥 But the crypto community did not greet these innovations with open arms:
Jake Chervinsky from Variant stated outright that this pressure will force the industry to seek refuge abroad.
Alexander Grieve from Paradigm hopes that the new Congress will be able to cancel this initiative in time.
❓ What do you think about the idea of making DeFi more transparent? Or is this a step towards control rather than development? Share your opinion — a heated debate is guaranteed!
#CryptoRegulations
#DeFiFuture
#IRS
Starting January 1, 2027, the IRS is introducing new rules for crypto brokers, including players from the DeFi space. Now they will have to collect data on user transactions and send out 1099 forms. Yes-yes, just like in traditional finance. 📄💰
🔥 But the crypto community did not greet these innovations with open arms:
Jake Chervinsky from Variant stated outright that this pressure will force the industry to seek refuge abroad.
Alexander Grieve from Paradigm hopes that the new Congress will be able to cancel this initiative in time.
❓ What do you think about the idea of making DeFi more transparent? Or is this a step towards control rather than development? Share your opinion — a heated debate is guaranteed!
#CryptoRegulations
#DeFiFuture
#IRS
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
See original
Pioneering Bitcoin Investor Gets Two Years in Prison for Failing to Declare Profits to IRS
By: Gustavo Bertolucci 12/13/2024 09:45
Pioneering Bitcoin Investor Gets Two Years in Prison for Failing to Declare Profits to IRS
In addition to the prison sentence, the investor will have to pay a million-dollar fine to reimburse the United States. "This case marks the first criminal prosecution for tax evasion focused exclusively on cryptocurrency," said a US revenue agent.
A court has sentenced a pioneering bitcoin investor to two years in prison in the United States after he failed to declare his profits from selling the digital currency.
Pioneering Bitcoin Investor Gets Two Years in Prison for Failing to Declare Profits to IRS
In addition to the prison sentence, the investor will have to pay a million-dollar fine to reimburse the United States. "This case marks the first criminal prosecution for tax evasion focused exclusively on cryptocurrency," said a US revenue agent.
A court has sentenced a pioneering bitcoin investor to two years in prison in the United States after he failed to declare his profits from selling the digital currency.
Kryptos
--
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
🚨🚨🚨 US Treasury, IRS complete new rules on crypto tax reporti
The new rules will be implemented in 2026, reporting on the previous ye
The new rules will be implemented in 2026, reporting on the previous ye
Custodial brokers of digital assets will be required to report #crypto transactions to the IRS.
The new rules will be implemented in 2026, reporting on the previous year.
#irs $BTC #VanEck_SOL_ETFS #MtGoxJulyRepayments #BinanceTournament
The new rules will be implemented in 2026, reporting on the previous ye
The new rules will be implemented in 2026, reporting on the previous ye
Custodial brokers of digital assets will be required to report #crypto transactions to the IRS.
The new rules will be implemented in 2026, reporting on the previous year.
#irs $BTC #VanEck_SOL_ETFS #MtGoxJulyRepayments #BinanceTournament
Are cryptocurrency transactions reported to the irs?
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
🚨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
"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
See original
📜The new IRS regulations aim to alleviate the tax burden for CeFi investors
The Internal Revenue Service (IRS) recently issued a new notice that is a significant benefit for cryptocurrency investors using centralized financial services (CeFi) in the United States. The notice will take effect on January 1, 2025, and will automatically provide users with tax policy relief!
The new tax regulations require CeFi brokers to report our cryptocurrency transactions. This may sound a bit complicated, but there is no need to worry, as the IRS has taken this into account and provided a temporary solution. This relief measure allows users to bypass the default first-in, first-out (FIFO) accounting method, giving investors more flexibility during the transition period.
Shehan Chandrasekera, the tax strategy director at CoinTracker, explained that this relief will take effect automatically, and we currently do not need to take any action.
However, starting in 2026, we will need to work with brokers to choose an accounting method together, and most brokers support multiple accounting options, making tax compliance easier.
It is worth noting that if holders do not choose their preferred accounting method (such as highest in, first out (HIFO) or specific identification (Spec ID)), brokers will default to using the first-in, first-out (FIFO) accounting method.
This default accounting method may increase tax obligations, especially during bull markets. But fortunately, most brokers currently support multiple accounting options, making tax compliance easier.
At the same time, it is recommended that everyone keep detailed transaction records or use reliable cryptocurrency tax software to ensure our reports are accurate. Failing to do so may result in the default use of the FIFO method, which may not be the desired outcome.
Therefore, Chandrasekera advises users to plan ahead to ensure that the broker's accounting method matches the user's tax software, to avoid unnecessary tax troubles.
By the way, a few days ago, the IRS also introduced a new rule that includes DeFi platforms in the reporting of transactions.
This decision has sparked some controversy, as some institutions believe it violates and exceeds the authority of the Treasury Department. Nevertheless, this accounting rule indeed brings great news for CeFi users!
The Internal Revenue Service (IRS) recently issued a new notice that is a significant benefit for cryptocurrency investors using centralized financial services (CeFi) in the United States. The notice will take effect on January 1, 2025, and will automatically provide users with tax policy relief!
The new tax regulations require CeFi brokers to report our cryptocurrency transactions. This may sound a bit complicated, but there is no need to worry, as the IRS has taken this into account and provided a temporary solution. This relief measure allows users to bypass the default first-in, first-out (FIFO) accounting method, giving investors more flexibility during the transition period.
Shehan Chandrasekera, the tax strategy director at CoinTracker, explained that this relief will take effect automatically, and we currently do not need to take any action.
However, starting in 2026, we will need to work with brokers to choose an accounting method together, and most brokers support multiple accounting options, making tax compliance easier.
It is worth noting that if holders do not choose their preferred accounting method (such as highest in, first out (HIFO) or specific identification (Spec ID)), brokers will default to using the first-in, first-out (FIFO) accounting method.
This default accounting method may increase tax obligations, especially during bull markets. But fortunately, most brokers currently support multiple accounting options, making tax compliance easier.
At the same time, it is recommended that everyone keep detailed transaction records or use reliable cryptocurrency tax software to ensure our reports are accurate. Failing to do so may result in the default use of the FIFO method, which may not be the desired outcome.
Therefore, Chandrasekera advises users to plan ahead to ensure that the broker's accounting method matches the user's tax software, to avoid unnecessary tax troubles.
By the way, a few days ago, the IRS also introduced a new rule that includes DeFi platforms in the reporting of transactions.
This decision has sparked some controversy, as some institutions believe it violates and exceeds the authority of the Treasury Department. Nevertheless, this accounting rule indeed brings great news for CeFi users!
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
What’s Poppin’ in Crypto Today? 🔥
1. IRS Stands Firm on Staking Taxes 💸
The US IRS is doubling down on their stance that staking rewards are taxable income the moment you receive them. Joshua and Jessica Jarrett tried to argue that these rewards should only be taxed when you sell them, but the IRS isn’t budging. According to Revenue Ruling 2023-14, you gotta report your staking rewards as income based on their market value as soon as you can sell or trade them.
2. Botswana’s Central Bank Labels Crypto as Low-Risk but Wants Rules 🛡️
Botswana’s central bank has given crypto investments a thumbs-up as low-risk for now, thanks to their small local market. However, they’re pushing for regulations to keep potential digital asset risks in check down the line. As crypto gets more intertwined with the financial system, they want to make sure everything stays safe and sound.
3. Trump Appoints Ex-Football Player to Lead New Crypto Council 🏈➡️💼
Donald Trump has tapped former college football star Bo Hines to head his new “Presidential Council of Advisers for Digital Assets,” also known as the “Crypto Council.” Bo will team up with David Sacks, Trump’s pick for crypto and AI czar, to boost innovation and growth in the digital assets space. Fun fact: Bo ran for Congress in North Carolina back in 2022 but didn’t win.
💬 Join the Conversation!
Drop your thoughts and questions in the comments below. Let’s navigate the crypto world together! 🌐🚀
Stay tuned for more updates and keep riding the crypto wave! 🚀✨
#cryptonews #IRS #Botswana
The US IRS is doubling down on their stance that staking rewards are taxable income the moment you receive them. Joshua and Jessica Jarrett tried to argue that these rewards should only be taxed when you sell them, but the IRS isn’t budging. According to Revenue Ruling 2023-14, you gotta report your staking rewards as income based on their market value as soon as you can sell or trade them.
2. Botswana’s Central Bank Labels Crypto as Low-Risk but Wants Rules 🛡️
Botswana’s central bank has given crypto investments a thumbs-up as low-risk for now, thanks to their small local market. However, they’re pushing for regulations to keep potential digital asset risks in check down the line. As crypto gets more intertwined with the financial system, they want to make sure everything stays safe and sound.
3. Trump Appoints Ex-Football Player to Lead New Crypto Council 🏈➡️💼
Donald Trump has tapped former college football star Bo Hines to head his new “Presidential Council of Advisers for Digital Assets,” also known as the “Crypto Council.” Bo will team up with David Sacks, Trump’s pick for crypto and AI czar, to boost innovation and growth in the digital assets space. Fun fact: Bo ran for Congress in North Carolina back in 2022 but didn’t win.
💬 Join the Conversation!
Drop your thoughts and questions in the comments below. Let’s navigate the crypto world together! 🌐🚀
Stay tuned for more updates and keep riding the crypto wave! 🚀✨
#cryptonews #IRS #Botswana