Biden Administration’s New Crypto Rule Forces Full IRS Oversight, Sparks Industry Backlash

The Biden administration finalizes a sweeping IRS crypto reporting rule requiring platforms to track all transactions. Learn how this impacts the crypto industry. Sweeping IRS Crypto Rule Finalized by Biden Administration The U.S. Treasury and Internal Revenue Service (IRS) have issued sweeping new regulations requiring brokers facilitating digital asset transactions to report all user activity…

December 28, 20240Comments

ByGabriel Okokhuele Eromonsele

Markets

Ledgible Announces Readiness Assessment for Digital Asset Companies Preparing for IRS 1099-DA

In a move that feels a bit like spring cleaning for digital paperwork, Ledgible has launched a new Readiness Assessment program. This initiative comes hot on the heels of the Internal Revenue Service's introduction of the draft Form 1099-DA, a new beacon in the foggy waters of digital asset tax reporting. With this program, Ledgible…

May 7, 20240Comments

ByZoran Spirkovski

IRS building with digital displays featuring Bitcoin and Ethereum, representing the 1099-DA form for digital asset reporting.

Markets

Understanding the IRS’s New 1099-DA Form: What It Means for Cryptocurrency Taxation

The Internal Revenue Service (IRS) has recently unveiled the first draft of the 1099-DA form, tailored specifically for digital asset transactions. This development is a significant step in the integration of digital assets into the regulatory framework of the financial system, reflecting their growing prevalence. As digital assets increasingly intersect with traditional finance, comprehending the…

April 27, 20240Comments

ByZoran Spirkovski

Altcoins Bitcoin News

New Crypto Tax Rules issued by the IRS

The Internal Revenue Service (IRS) recently released instructions for computing taxes involving crypto assets. The digital market has been waiting for this report since May 2019 after the Revenue’s chief Chuck Rettig hinted at an update to the existing regulations. In April 2019, some members of Congress wrote to Rettig seeking clarification regarding crypto reporting…

December 8, 20190Comments

ByGrace Muthoni

Bitcoin News

IRS Proposes to Backdate Tax Payments of Digital Currencies

The Internal Revenue Service (IRS) has sent communication to several market participants discussing backdated tax settlements in the digital asset trade. The IRS posted on its website that investors' federal returns differ from the information provided by cryptocurrency exchanges. As such, the agency is seeking traders' contribution on amended tax returns using profits from digital…

September 17, 20190Comments

ByGrace Muthoni

Bitcoin

The Crypto Tax Bill by North Carolina’s Representative Ted Budd

Ted Budd, the representative of North Carolina's (NC) 13th congressional district has submitted a tax proposal to the United States House of Representatives. This bill focuses on enhancing how the Internal Revenue Service (IRS) handles cryptocurrencies in order to eliminate the profits and losses surrounding like-kind exchanges. No More Double Taxation Budd seeks to revise the 1986…

September 15, 20190Comments

ByGrace Muthoni

News

IRS to reshape its BTC tax policy next year – what to expect as an ordinary user?

Pretty much every year, investors seem confused or rather concerned about their tax filings. Things are relatively difficult for crypto investors because of the unregulated market and the volatile nature of the asset itself. However, April 2020 might bring a great deal of composure for crypto investors and traders in the US. In May 2019, the IRS rolled out…

July 10, 20190Comments

ByAzeem Saifi

Altcoins Bitcoin

US Lawmakers Again Promising To Enact Tax & Exchange Regulations

US regulatory bodies have been willfully ambiguous about cryptocurrency for many years, with lawmakers and other government officials refusing to create clear parameters for its legal use. Although there are perhaps a number of explanations for this failure to take action, there is no doubt that blockchain technology, and the digital assets it creates, are…

June 1, 20190Comments

ByTrevor Smith

Altcoins

Airdrops Emerging As Top Marketing Tool For New Platforms

One undeniable fact of the crypto revolution is that the vast growth in platforms is certain to continue unabated. There are currently more than fifteen hundred cryptos, with many more under development. When the ICO boom began last year, new coins easily drew attention and investment. Such is no longer the case, as the market…

April 8, 20180Comments

ByTrevor Smith

Opinion

Tax Bill Betrays Wall Street’s Path to Control Cryptocurrencies

Embedded in the new tax bill are two changes that could have far-reaching implications for cryptocurrency investors. These changes were made at the last minute in the Senate version of the bill, likely after the failure of Segwit2x, which many in the crypto-community felt it was a backdoor takeover attempt by Wall St. of Bitcoin. The…

December 15, 20170Comments

ByTom Luongo