Two weeks ago, the Internal Revenue Service said it was reassigning 1,200 staffers as a “surge team” of reinforcements tasked with cutting into a backlog that included millions of unprocessed returns ...
Tag: IRS
Crypto Taxes You Should Be Aware Of This 2022 – The IRS Breathes Down Your Neck
If you’ve gone deep in the current crypto craze, you might need to prepare your heart once you do your crypto taxes. Crypto may have started out as a humble money gig, but with its total value at nea...
How To Write Off Legal Fees On Your Taxes
Since 2018, it’s been tougher to deduct legal fees, and some plaintiffs in contingent fee cases are taxed on their gross recoveries, not net after legal fees. Some call it a new tax on legal settlemen...
Cryptocurrency Front And Center In Revised IRS Voluntary Disclosure Practice
The Internal Revenue Service announced today that the Voluntary Disclosure Practice Preclearance Request and Application has been revised. The IRS’s Voluntary Disclosure Practice has been around for y...
US Treasury exempts crypto miners from IRS reporting rules
Last year, US legislatures were torn between supporting and rejecting the Infrastructure Bill due to its lack of clarity. However, the recent announcement by the US Treasury is a major win for the cry...
Treasury Confirms Miners Exempt From IRS Reporting Rules
Key Takeaways Blockchain miners and validators will not be considered “brokers” for crypto tax reporting, the Treasury has confirmed. The Treasury stated that it will exempt “ancilla...
The IRS’ Reporting Requirements For Brokers Won’t Affect Crypto Miners & Stakers
The infamous Infrastructure Bill put the IRS in a difficult situation. The bill gave the organization incredible fund tracking superpowers. The thing is, the measurements were impossible to enforce. N...
US Treasury reiterates that the IRS won’t consider crypto miners, stakers or coders to be brokers
In a February 11 letter seen by The Block, the Treasury reassured six concerned senators that it did not plan to treat crypto miners, stakers and wallet providers as brokers for tax purposes. “E...
IRS Reveals Guidelines On How Crypto Investors Can Report Their Purchases On Tax Forms ⋆ ZyCrypto
Advertisement     The IRS releases guides on how to report taxes using form 1040. People who purchased crypto with real currency and have been hodling are exempted. Cr...
The IRS Backs Down on Crypto Staking Case
It looks like the Internal Revenue Service (IRS) doesn’t have as much power as we thought. The agency is offering to pay a man named Joshua Jarrett, who allegedly was denied a refund two years ago aft...
New Bipartisan Tax Bill to Alleviate IRS Reporting Burden
The new tax bill removes the burden of reporting micropayment transactions during the tax season in the U.S. Representative Suzan DelBene and David Schweikert have submitted a bill regarding a tenable...
Tax season: does the IRS know if you trade crypto? Is your NFT sale or mining income taxable?
Hello! Welcome back to Distributed Ledger, our weekly crypto newsletter that reaches your inbox every Thursday. I’m Frances Yue, crypto reporter at MarketWatch. It is tax season in the U.S., and I’ll ...
IRS Calls on Congress to Strengthen Crypto Disclosure Rules
The IRS published a letter addressed to state senator Maggie Hassan (D-NH) calling on Congress to strengthen its cryptocurrency disclosure rules to help prevent cyberattacks. The letter, dated Decembe...
The Battle to Change How the IRS Taxes Mining and Staking
Two Tezos stakers sued the IRS to get back taxes paid on property they say they created through staking. The IRS offered to pay them back but didn’t commit to clear policy guidance. The stakers will n...
What the IRS Court Case Over Crypto Staking Taxes Really Means
In brief A couple sued the IRS after they were denied a refund request for taxes paid on Tezos staking rewards. After the lawsuit started, the IRS offered a refund. But the plaintiffs now want a more ...
U.S. Crypto Investors Reject IRS Settlement
Key Takeaways A married couple in Tennessee have claimed that the U.S. government offered them a tax refund after improperly taxing their crypto staking rewards—but they are refusing it. In 2019, Josh...
Crypto taxes, the case of the IRS and the staking Tezos
The IRS has offered a refund to a US couple who paid taxes for Tezos that were never sold but were created and obtained through staking. This development between the US tax collection agency and the ...
PoS validator rejects a tax refund offer from the IRS
TL; DR Breakdown The PoS validator declined the IRS’s offer of a tax refund and instead called for a clear policy on staking taxation. Tezos validator sued the federal tax agency May last year. The Un...
US lawmakers reintroduce bill to stop IRS from taxing crypto transactions under $200
A bill previously introduced by Washington Representative Suzan DelBene aims to exempt crypto users from paying taxes on transactions under $200. According to a Tuesday draft of the Virtual Currency T...
IRS signals tax case retreat on staking, but the rules haven’t changed for everyone else
In 2019 Joshua Jarrett earned block rewards on proof-of-stake networks, paid taxes as if those rewards were income, and in line with IRS’ limited guidance on how block rewards should be taxed. However...
No, IRS may not write off taxes on crypto staking rewards so easily, claim experts
Crypto news was abuzz recently with speculation of the U.S Internal Revenue Service (IRS) writing off the tax on income generated from unsold staked cryptocurrencies. Many, including crypto influencer...
IRS May Not Tax Passive Income From Holding Crypto Right Away
rear view of businessman sitting on green grass landscape with laptop watching view with flying large group of money over sunny blue sky getty What Happened Taxation of staking rewards has been a cont...
After a Court Battle, the IRS Might Not Impose Income Taxes on Unsold, Staked Crypto
The United States Internal Revenue Service (IRS) could stop taxing digital assets obtained through staking. The agency added that it will refund the tax paid by a Nashville couple on tokens they had e...
IRS Offers Tezos Staker Refund on Rewards Tax in Break From Current Policy
In 2019, Joshua Jarrett paid income tax on 8,876 Tezos tokens he earned through staking. In 2020, Jarret asked the IRS to return the taxes he paid, arguing that the tokens were not income, but rather ...
IRS may not tax staking rewards until sold
A Nashville couple’s lawsuit over taxes they paid on unclaimed and unsold Tezos staking rewards is coming to an end with the Internal Revenue Service (IRS) agreeing to issue them a refund. The decisio...
Big Relief for Crypto Stakers and Miners, IRS Won’t Tax Unsold Crypto Tokens
Crypto Stakers and miners could finally breathe a major sigh of relief as the IRS has decided not to tax unrealized gains derived from crypto staking or mining digital assets. This has been a major re...
In Huge Precedent, IRS Says It Will Not Tax Unsold, Staked Crypto
In court filings expected to made public Thursday, the IRS declared it would refund $3,293 in income tax (plus statutory interest) to a Nashville couple who had paid the amount on 8,876 Tezos tokens t...
IRS Will Not Tax Unsold Staked Crypto As Income
For individuals hoping to earn new tokens by providing security to large blockchains that use proof-of-stake, there may be good news ahead. IRS will not tax your unstaked crypto. A Nashville couple ar...
The IRS is overburdened. What does that mean for crypto taxpayers?
Quick Take The IRS is facing a severe backlog of work after a challenging 2021 tax season. Crypto tax experts say an overburdened IRS mostly means that the usual processes will take longer, but that&#...
SEC Objects To MicroStrategy Accurately Valuing Its Billion-Dollar Bitcoin Stash
MIAMI, FLORIDA – JUNE 04: MicroStrategy CEO Michael Saylor speaks at the Bitcoin 2021 Convention (Photo by Joe Raedle/Getty Images) Getty Images What Happened MicroStrategy has been purchasing b...
Taxpayers alarmed by IRS notice asking them to resend their 2020 returns. Is it a scam?
Their checks to the U.S. Treasury were cashed nearly a year ago. But taxpayers say they’re now receiving letters from the Internal Revenue Service asking them to immediately file their 2020 fede...
The IRS will stop sending out one type of taxpayer notice to try to cut down on aggravation this tax season
Trying to minimize aggravation during a tax-filing season that could have plenty of challenges, the Internal Revenue Service said it is pausing one of its notices that could ferment taxpayer frustrati...