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Internal Revenue Service
IRS Includes NFTs in US Tax Language
The U.S. Internal Revenue Service (IRS) released an updated draft for its 2022 instructions for form 1040 filers that swaps the old category for "virtual currency" with broader new language on "digital assets," including an explicit recognition of NFTs. "The Hash" panel discusses the potential repercussions.
Is the IRS Exploring NFTs as a Tax Revenue Source?
Nik De, CoinDesk managing editor for Global Policy and Regulation, joins “First Mover” to provide the latest update in an ongoing lawsuit against the Internal Revenue Service regarding income taxes for staked cryptocurrency on the Tezos blockchain. Plus, a discussion on whether the IRS could be looking into NFTs for tax revenue, and why Ukraine’s minister for Digital Transformation canceled the proposed crypto airdrop.
IRS Offers Tezos Staker Refund on Rewards Tax
The Internal Revenue Service (IRS) offered a Tennessee couple a refund on income taxes paid for unsold staking rewards as part of what appears to be a settlement in an ongoing legal fight.
IRS Offers Tezos Staker Refund on Rewards Tax
The Internal Revenue Service (IRS) offered a Tennessee couple a refund on income taxes paid for unsold staking rewards as part of what appears to be a settlement in an ongoing legal fight. CoinDesk's Global Policy & Regulation Managing Editor Nikhilesh De discusses the latest update from the IRS and why this is a continuing story to monitor.
Venmo, PayPal, Cash App Must Report Payments of $600 or More to the IRS
New year, new tax requirements. The Internal Revenue Service (IRS) is cracking down on payments received through third-party apps like Venmo, PayPal and Cash App to ensure those using these networks are paying their fair share of taxes. These platforms, coincidentally, also allow crypto purchases. "The Hash" crew discusses the issues of regulation, consumer privacy and impact on small businesses.
IRS Tweaks Crypto Question Language on 2021 Individual Tax Form Draft
In its 2021 draft of the 1040 Individual Income Tax Return form, the U.S. Internal Revenue Service (IRS) has more clearly stated how crypto assets should be taxed than 2020. “The Hash” hosts discuss the possible impact of IRS’ efforts to tackle crypto tax evasion.
IRS Wants $32M in Funding to Enforce Crypto Taxation, Hire Contractors
The Internal Revenue Service has requested $32 million in funding to enforce crypto taxation and wants to hire specialized blockchain analytics contractors. This comes on the heels of a ProPublica report which revealed many of the wealthiest people in the world only paid little in income tax. "The Hash" panel digs into the world of tax and crypto.
Rep. Tom Emmer on Reintroduced Bill to Protect Investors With Forked Crypto Assets
Minnesota Republican Congressman Tom Emmer joins "First Mover" to discuss his bill that would protect crypto investors from reporting gains or losses on forked assets until the IRS provides more clarity on crypto taxes.
How Will a U.S. Treasury Department Proposal Affect Crypto Markets?
In a report released Thursday, the Treasury Department said it plans to require businesses to disclose crypto transactions over $10K to the IRS. CoinDesk's Nik De breaks down the proposal and explains its potential impact on the crypto markets. Plus, an update on the US Digital Dollar project.
Will a Bill Convince the IRS to Reconsider How it Classifies Forked Assets?
U.S. Congressman Tom Emmer is reintroducing a bill that would ask the IRS to reconsider how it classifies forked assets of investors who hold cryptocurrencies. CoinDesk's Nik De breaks it down.