IRS

Roger Ver, a prominent figure in the early days of Bitcoin (CRYPTO: BTC) and known as “Bitcoin Jesus,” has been arrested in Spain and charged with mail fraud, tax evasion, and filing false tax returns. The U.S. Department of Justice alleges that Ver evaded nearly $50 million in taxes....

Once it was announced that the IRS would receive $80 billion in additional funding as part of the Inflation Reduction Act, the Biden Administration sought to assure regular Americans that these funds would not make them more likely to get audited by the agency. Treasury Secretary Jannet Yellen said...

President Joe Biden is among the people who completed their taxes ahead of an April 15 deadline. Here's a look at Biden's earnings and taxes paid in 2023. Joe Biden's Tax Return: Biden's 2023 tax return was made public this week, which marks the third straight year as a president Biden has done...

There are tons of interesting tidbits about Tax Day. According to the Internal Revenue Service (IRS): Officers answered more than one million taxpayer phone calls this season. They processed over 100 million individual tax returns through April 6. Tens of millions more filings will be made on the...

IRS Commissioner Danny Werfel has disclosed that wealthy Americans are evading taxes amounting to over $150 billion annually, a situation that is contributing to a “lack of fairness” in the tax system. The IRS is now deploying significant resources to address this issue. What Happened:...

Editor’s note: This story has been updated with additional information on the Child and Dependent Care Tax Credit. Tax season is right around the corner with eligible Americans able to file their taxes between January and mid-April 2024. The Child Tax Credit may change due to a bill working...

The Internal Revenue Service will be putting a pause on its contentious $10,000 cryptocurrency tax rule. What Happened: As reported by Decrypt, the IRS and the Treasury Department jointly issued a statement on Tuesday, signaling their updated stance concerning the new tax rule. This rule has...

About $1.2 million worth of Bitcoin (CRYPTO: BTC) was recently transferred to the original Genesis wallet of crypto alias Satoshi Nakamoto. What Happened: As Jeremy Hogan, a partner at Hogan & Hogan, put it: "Someone just sent Satoshi's genesis wallet $1.2 mil. in BTC. Why?? The only...

The infrastructure legislation, championed by President Joe Biden, which received bipartisan support and was enacted in 2021, is now operational.  What Happened: This new law imposes reporting obligations on cryptocurrency brokers, necessitating that transactions exceeding $10,000 be disclosed to...

In a recent Internal Revenue Service (IRS) announcement, employers who claimed the pandemic-relief tax credit can return 80% of the funds to reduce IRS scrutiny significantly. What Happened: As reported by the Wall Street Journal on Thursday, this repayment plan is the government’s newest...

Attorneys for the beleaguered cryptocurrency exchange FTX (CRYPTO: FTT) have contested the Internal Revenue Service's (IRS) claim of owing back taxes amounting to $24 billion, arguing that the IRS should substantiate its claims and clarify how it estimated the back taxes owed. In a filing...

The Internal Revenue Service has decided to postpone tax enforcement deadlines set by Congress, a move that could result in a significant financial blow to the Treasury, in excess of $8 billion. What Happened: As reported by The Wall Street Journal, the IRS has delayed the enforcement of new...

A group of nine bipartisan U.S. lawmakers has appealed to the Treasury Department to reconsider its proposed digital assets taxation regime, expressing concerns that the current proposals, if implemented, could stifle innovation and adversely impact the digital asset ecosystem. The central...

The IRS is poised to take a significant leap into the digital age following an announcement by Treasury Secretary Janet Yellen. Taxpayers will soon have the opportunity to submit documents electronically, advancing the agency’s transition toward a paperless system ahead of...

Kraken announced a new managing director for its U.K. business as the crypto exchange looks to strengthen its foothold in its largest market. The exchange has also revealed that user information will be shared with the IRS in the next month after it receives a court order to do so. Industry...