IRS

Crypto’s Wild West era is over — it’s time to embrace regulation to secure the future of digital assets

Plus, publicly traded crypto companies had a pretty eventful news week

FTX debtors will pay the IRS $200M, with an outstanding lower priority claim of $685M

Elsewhere, Readygg welcomes former PlayStation Division executive as an advisor

Selling and trading cryptocurrencies will trigger a taxable event

There are fresh reporting requirements for crypto, but the Treasury says businesses get a pass until they can finalize the new rules

Traders are concerned about whether or not their activities put them in legal jeopardy after new IRS rules in effect from Jan. 1

“The goal of the Official Committee continues to be to maximize recoveries for unsecured creditors of FTX and expedite distributions,” the Official Committee of Unsecured Creditors said

“The only source of recovery is by taking recoveries away from victims,” FTX debtors warned

In a call with reporters Monday, division chief Jim Lee said that crypto-related tax evasion cases are mounting

The Treasury and Internal Revenue Service pushed the deadline to submit comments on their proposed crypto regulations by two weeks

The IRS’s proposed tax rules hinder digital asset growth by imposing restrictions that question their utility, Coinbase’s Vice President of Tax wrote Thursday

The broker rule, introduced in August under President Joe Biden’s Jobs Act seeks to establish clear reporting standards for the crypto industry

Their current stance is a half-baked attempt that could stifle innovation and burden an emerging industry

Accountants and exchanges have started to parse through the new IRS tax proposals and decipher what they could mean for investors and the future of the industry

Individuals who only engage in distributed ledger validation, including miners and stakers, are exempt from broker requirements, Treasury officials said

A group of Democratic senators have asked the Treasury and IRS to speed up their rulemaking process for crypto tax policy

Crypto rewards must be included in income once the taxpayer gains control over them, the IRS ruled

The crypto accounting firm is looking to expand beyond its core business lines

Currently, the IRS uses ‘various public sources’ for finding digital asset prices, but it’s hoping to improve its selection of vendors

Reps. Brad Sherman and Stephen Lynch earlier this week asked the Treasury and IRS to “promptly” issue regulations to address tax evasion in crypto

A Coinbase user had attempted to argue the IRS violated his constitutional rights when it sought his trading data

Last year alone, the IRS seized $7 billion in cryptocurrency

Businesses should take a look at their product offerings and think proactively about what regulators might start enforcing soon