IRS secures first crypto tax fraud conviction, setting legal precedent
For the first time, the IRS has successfully prosecuted a case of tax fraud solely involving crypto. The U.S. Internal Revenue Service has won a major victory, setting a legal precedent in the fight against crypto-related tax fraud. In December 2024, Frank Richard Ahlgren III was sentenced to two years in prison and fined $1.1 […]
Ted Cruz to challenge IRS crypto rule: report
Senator Ted Cruz of Texas is preparing to challenge a newly finalized IRS cryptocurrency regulation using the Congressional Review Act The rule requires decentralized cryptocurrency exchanges to collect customer information, including names and addresses, and issue tax forms to users. This has sparked backlash from the crypto industry, according to an Axios report. Cruz’s move, […]
Congressman proposes IRS elimination
On Jan. 9, 2025, congressman Earl Carter proposed a bill replacing the US tax code with a national consumption tax and abolishing the IRS. Earlier this month, the IRS was sued by Blockchain Association over the new reporting rule. New tax system The H.R. 25 bill, or The Fair Tax Act of 2025, was introduced […]
IRS issues temporary relief on crypto cost-basis method changes
The IRS’ new rules could have been “disastrous” for crypto taxpayers during the bull market, a crypto tax executive said. Source link
Will ETH outperform BTC in Jan? IRS DeFi broker rules, and more: Hodler’s Digest, Dec. 22 – 28
An analyst predicts that Ether may outperform Bitcoin in January 2025, IRS introduces new DeFi rules, and more: Hodlers Digest Source link
IRS DeFi broker rule ‘absolutely should be challenged,’ says Uniswap CLO
Uniswap chief legal officer said the IRS DeFi broker rule “absolutely should be challenged,” while a Consensys lawyer argued that the ruling was released on “the last Friday of 2024 in the middle of a holiday stretch on purpose.” Source link
DeFi proponents to fight US IRS tax code
The U.S. Internal Revenue Service said DeFi brokers should comply with long-standing securities rules, disagreeing with industry sentiment arguing for different laws for digital assets. Updated rules from the IRS published on Dec. 27 would direct some “DeFi brokers” to operate like traditional finance institutions by collecting certain user activity data and reporting on cryptocurrency […]
