According to a report from Bloomberg Law, Division Chief Jim said the United States Internal Revenue Service (IRS) criminal investigation division is developing hundreds of cases involving crypto, and...
Tag: IRS
IRS prepares for an increase in crypto cases in the upcoming tax season
The United States Internal Revenue Service (IRS) criminal investigation division is ramping up for tax season with its sights set on the crypto community. According to a report from Bloomberg Law, the...
Get Your Crypto Tax in Order, IRS Warn Hundreds of Evaders
The tax collection agency of the United States is doubling down on tackling cryptocurrency tax evasion. The Internal Revenue Service (IRS) Criminal Investigation division said it is preparing “hundred...
The Block: IRS building ‘hundreds’ of crypto cases, ramping up hiring: Bloomberg Tax
The United States Internal Revenue Service is developing “hundreds” of soon-to-be-public cases involving crypto, according to a Bloomberg Tax report citing division chief Jim Lee. Th...
Americans Skip Out on $500 Billion in Taxes Each Year, IRS Says
The federal tax gap —the difference between taxes owed and those collected — rose to $496 billion a year from 2014 through 2016, according to a report released by the IRS on Friday. The shortfall is $...
The World’s Weakest Currency, Kiyosaki Says Greenback Is ‘Toast,’ IRS Crypto Tax Update and More — Bitcoin.com News Week in Review – The Weekly Bitcoin News
In this week’s hottest stories from Bitcoin.com News: the Ghanaian cedi’s recent slide to a new low against the USD, Rich Dad Poor Dad author Robert Kiyosaki weighs in on Saudi Arabia’s move to join t...
A new definition of crypto comes from the IRS — Law Decoded, Oct. 17–24
No matter how much attention the United States Securities and Exchange Commission (SEC) or Commodity Futures Trading Commission gets in the crypto industry, for individual traders and investors, it of...
Binance US Appoints Former IRS Special Agent BJ Kang As New Head Of Investigation Unit
The leading cryptocurrency exchange, Binance US just launched its own investigation unit and as part of forming the departmental force, the company has appointed former FBI special agent BJ Kang as th...
IRS releases new federal tax brackets and standard deductions. Here’s how they affect your family’s tax bill.
America’s high inflation rate will produce a 7% increase in the size of the standard deduction when workers file their taxes on their 2023 income, according to new inflation adjustments from the Inter...
401(k) And Other Retirement Savings Limits Will Jump Record Amounts In 2023
Young workers will be allowed to contribute up to $22,500 pretax to a 401(k) in 2023, while those 50 and older will be able to sock away $30,000. getty The Internal Revenue Service announced today tha...
IRS sets new 401(k) limits — investors can save a lot more money in 2023
People can contribute up to $22,500 in 401(k) accounts and $6,500 in IRAs in 2023, the IRS said Friday. For 401(k)s, that’s an almost 10% increase from 2022’s contribution limit of $20,500. For IRAs, ...
IRS Revises Crypto Reporting Rules Defining Digital Assets
49 mins ago | 2 mins read Bitcoin News Taxpayers will need to disclose any and all transfers of digital assets. The year 2022 is the first year when the phrase “digital asset” may be used on tax retur...
IRS 2022 Tax Guidelines to Treat NFTs as Stablecoins, Cryptocurrencies
The U.S. Internal Revenue Service (IRS) has given NFT investors new clarity about how the assets are set to be taxed. As per the IRS’ 2022 tax year guide, all “digital assets,” including stablecoins,...
New IRS tax brackets and standard deduction could save families hundreds or even thousands of dollars. Now, for the bad news.
In a time of rising costs, the Internal Revenue Service just raised income-tax brackets through new inflation adjustments for next year. It might feel tough sometimes to link the IRS with the concept ...
IRS 2022 Update Guidelines on Crypto Taxation in The U.S.
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Opinion: Don’t have $13 million? The lifetime estate- and gift-tax exemptions for 2023 still matter to you.
The wealthiest families in the U.S. will get a bit of inflation-adjusted relief from the IRS in 2023, with the lifetime estate-tax exemption increasing to $12.9 million for individuals, up from $12.06...
All About The IRS Tax Inflation Adjustments For The 2023 Tax Year
Getty Images Key takeaways This week, the IRS tax inflation adjustments for the 2023 tax year were released The announcement includes changes in 2023 standard deductions and 2023 IRS tax brackets The ...
IRS Includes Digital Assets Category in IRS Tax Form Draft
Meanwhile, the IRS has found a way to clarify the status of NFTs for crypto investors. A new draft by the Internal Revenue Service (IRS) includes a Digital Assets section that details if and how US ta...
The IRS Boosts Standard Deduction by 7%
IRS standard deduction increase 2023 In the past year Americans have seen multiple interest rate hikes, a Social Security cost of living adjustment and the introduction of a $740 Billion inflation red...
IRS introduces broader ‘Digital Assets’ category ahead of 2022 tax year
American taxpayers will find a broader, more defined category encompassing cryptocurrencies and nonfungible tokens (NFTs) in their 2022 IRS tax forms. The draft bill released by the Internal Revenue S...
IRS classifies NFTs as digital assets; retail investors group seeks to track down Do Kwon
The biggest news in the cryptoverse for Oct. 19 includes the IRS classifying NFTs as digital assets for tax purposes, Cardano NFTs becoming the next gold rush, Blockchain advocacy groups filing a mot...
IRS announces key changes for NFTs in latest tax guidelines
The United States Internal Revenue Service (IRS) has released an updated draft of the 2022 tax form which has provided clarity regarding the guidelines for taxes pertaining to the crypto industry, mor...
US IRS Introduces Broad Category for Digital Assets Ahead of Tax Season
The United States Internal Revenue Service (IRS) is preparing for the forthcoming tax season, especially as it concerns digital assets. According to a draft bill published by the tax regulator, invest...
IRS releases new tax guidelines for NFTs and stablecoins
The United States IRS has announced a new taxation system covering NFTs under its latest 2022 guidelines. Traders and investors in the crypto space dealing in NFTs can heave a sigh of relief as to how...
IRS Drafts New Crypto Reporting Rules for Tax Year 2022
Key Takeaways The IRS has released a draft version of Form 1040, which includes new reporting guidelines for digital assets. This year, the tax agency has explicitly instructed taxpayers to report NFT...
Do you have problems with the IRS — or does the IRS have a problem with you? Read this before you act.
How do you deal with a problem like the Internal Revenue Service? And how do you deal with your own tax problems as they pertain to the IRS? To be clear, I’m not talking about major problems like righ...