Amid the ongoing Russian invasion of Ukraine, the U.S. and its private sector partners want to lend a hand to Ukrainian authorities looking to hinder Russian actors using cryptocurrencies to skirt …
How the IRS seized $10B worth of crypto using blockchain analytics
Blockchain analysis has been key in helping the United States Internal Revenue Service (IRS) seize an estimated $10 billion worth of cryptocurrency since it began investigating a broad body of crimes …
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What is the wash-sale rule, and does it apply to crypto?
Investors cannot claim a tax loss on the sale of a security if they buy a “substantially identical” security within 30 days before or after the sale, as per the wash-sale rule, a tax regulation. The …
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Five Things You Need To Know About Cryptocurrency And Taxes
With the tax deadline just a few weeks ago—Tax Day is April 18—taxpayers are scrambling to finish and file their returns. One thing that may be causing some confusion this year? Cryptocurrency. While …
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Cryptocurrency and Taxes: What You Need to Know
Let's first make sure we're on the same page when it comes to crypto tax prep. This is how the IRS classifies cryptocurrency: It’s a digital currency or a "digital representation of value." You can't …
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Cryptocurrency and state legislation: the current state of crypto state taxes in 2023
Questions regarding the taxation of cryptocurrency (crypto) can be complicated. Although the IRS addresses crypto transactions for federal income tax purposes, many states have not yet provided any …
After a tough year for crypto, here’s how to handle losses on your tax return
After a tough year for crypto, you may be looking for ways to turn steep losses into possible tax breaks. The digital currency industry lost nearly $1.4 trillion in 2022 after a slew of bankruptcies …
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US authorities to intensify scrutiny of crypto industry in 2023
Fourteen years after Bitcoin’s genesis block launched a profound disruption in financial services and other industries through the rise of blockchain technology, United States authorities are finally …
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IRS Warns of “Industrial Scale” Smishing Surge
The Internal Revenue Service (IRS) has released an advisory warning US taxpayers of what it has identified as an "exponential" increase in text-based phishing attempts. The tax agency recommended that …
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IRS steps up efforts to target U.S. taxpayers who failed to report and pay taxes on cryptocurrency transactions
The IRS continues to chase U.S. taxpayers who failed to report and pay taxes on cryptocurrency transactions with a new court order allowing a summons for customer records. The agency will issue a …