The bill would reverse a reporting rule the IRS previously implemented US lawmakers in the House of Representatives have introduced a resolution aimed at overturning an IRS rule that would require brokers to report cryptocurrency transactions. The measure, known as the “DeFi broker rule,” was approved in December and is set to take effect in
The organization is unhappy with the tax agency’s stance on cryptocurrencies The Blockchain Association has filed a lawsuit against the Internal Revenue Service (IRS), challenging new regulations requiring detailed reporting of digital asset transactions. The lawsuit, announced by Blockchain Association CEO Kristin Smith on December 28, was filed jointly with the Texas Blockchain Council. The
The tax authority refuses to treat crypto staking rewards like it does similar property The IRS is maintaining its stance on the taxation of cryptocurrency staking rewards, sparking continued legal challenges and debates. The agency insists that staking rewards should be treated as taxable income upon receipt, countering arguments from taxpayers advocating for these rewards
The taxman will still have to wait to receive the money from the failed crypto exchange FTX has reached an agreement with the US Internal Revenue Service (IRS) to settle the debt with its largest creditor. In the filing dated June 3, the bankrupt cryptocurrency exchange agreed to settle the $24-billion IRS claim, which was
The tax authority isn’t going to force crypto users to comply with a new $10K rule The Internal Revenue Service (IRS) announced on January 16 that US businesses aren’t yet required to report cryptocurrency transactions exceeding $10,000 until the agency completes its regulatory framework. The decision comes after the US Treasury Department and the IRS
The rules would cover brokers, but may signal an advance in crypto oversight in the US The Department of the Treasury and the Internal Revenue Service (IRS) released a proposal for cryptocurrency regulations focused on the reporting requirements of brokers. While the move doesn’t signal a major shift in policy, it might be a sign
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