IRS

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...

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) announced on Friday the filing of amended federal tax returns with refund claims for several of the company's business entities for 2019, 2020 and 2021. The medical cannabis giant is claiming a refund of $143 million from taxes paid,...

Prominent U.S. Sens. Elizabeth Warren (D-Mass.) and Bernie Sanders (I-Vt.) penned a letter to Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel expressing their concerns over the delay in implementing tax reporting requirements for crypto brokers. They emphasized the...

Software giant Microsoft Corp. (NASDAQ:MSFT) is challenging a decision by the U.S. Internal Revenue Service (IRS) regarding a purported $28.9 billion tax liability. As reported by Bloomberg, the company declared its disagreement with the proposed adjustments to its...

A large-scale tax reform measure that recently advanced through the Pennsylvania legislature includes provisions that offer a partial solution to the restrictive IRS code known as 280E, which bans tax deductions at the federal level for state-licensed medical cannabis businesses. The bill's...

The Internal Revenue Service, or IRS, has placed a lien on a condo owned by Rudy Giuliani, the former New York mayor and onetime attorney to Donald Trump, in Palm Beach, Florida, over unpaid taxes from 2021. What Happened: According to Insider, the notice filed in August reveals...

An Internal Revenue Service (IRS) contractor found himself at the center of a legal storm on Friday, after federal prosecutors announced charges of illicitly accessing and distributing the tax returns of a notable government figure. What Happened: While the identity of the...

The Internal Revenue Service (IRS) is girding up for massive furloughs that could hamper important taxpayer services, as the threat of a government shutdown looms large. What Happened: The IRS plans to furlough a sweeping majority of its workforce, around 60,000 employees, if the government shuts...