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IRS
IRS Seeks to Tax NFTs Like Other Collectibles
NFTs will be taxed like the underlying assets until final rules are agreed on how to treat digital proofs of ownership held in retirement accounts
Why Not Donate Dead NFT Wallets?
Inaccessible cryptocurrencies presumably have taxable value, meaning they can be donated to a museum, conceptual artist and lawyer Brian Frye writes.
IRS Seeks Court Approval to Identify Kraken Crypto Customers
The U.S. tax agency is looking to examine Kraken's books and papers.
Say Goodbye to Proprietary Tax Prep Software
Web3 tax help is a multibillion-dollar opportunity, and a way to plug the gap the government has around tax help and out-compete centralized companies like TurboTax.
How Bad Tax Policy Drives DAOs Out of the US
Despite crypto-friendly laws in Wyoming, most DAOs are choosing to incorporate overseas.
TaxBit Exec on FTX Collapse, Crypto Taxes
The Financial Times reports FTX held less than $1 billion in liquid assets against $9 billion in liabilities before its bankruptcy filing. TaxBit Government Relations Senior Director Seth Wilks discusses the collapse of FTX and its financial considerations. Wilks also shares his insights into crypto taxes amid IRS scrutiny of the industry.
The Key to Taxing Digital Assets Is Finding the Right Cubbyhole
The government may write special rules regarding the treatment of the new asset within the cubbyhole, but there will be an existing tax bucket for every new idea, says KPMG's Tony Tuths.
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.
IRS Expands Key US Tax Language to Include NFTs
Newly released draft instructions for the 2022 tax year change the language from “virtual currency” to broader “digital assets.”
US IRS Can Issue Summons to Bank Serving Crypto Broker SFOX Customers in Search of Tax Evaders
The John Doe summons will require M.Y. Safra Bank to provide information about SFOX customers who used the bank and may owe taxes on crypto transactions.