Internal Revenue Service

The U.S. Treasury Department has put forth new guidelines suggesting that crypto brokers be treated on par with those handling traditional investments, such as stocks and bonds. Crypto brokers and exchanges must report specific crypto sales, from Bitcoin (CRYPTO: BTC) to non-fungible tokens (NFTs...

Last week, an IRS special agent with significant military experience was fatally wounded by a colleague during a training session at a gun range in Phoenix, Arizona. As per Insider on Saturday, the victim was identified as 47-year-old Patrick Bauer. The accidental shooting took place last Thursday...

The Treasury Department's delay in implementing a law designed to catch cryptocurrency tax evaders is raising concerns. What Happened: The law, aimed at closing a loophole that allows cryptocurrency investors to evade taxes, was projected to raise $28 billion over a decade. As a result of the...

During a congressional hearing on Wednesday, two IRS whistleblowers asserted that the Justice Department deliberately delayed its investigation into Hunter Biden and disregarded suggestions to pursue felony tax charges. What Happened: IRS agents Gary Shapley and Joseph Ziegler claimed that the U.S...

Democratic Congress members Brad Sherman and Stephen Lynch have publicly called for the U.S. Treasury Department and the Internal Revenue Service (IRS) to swiftly present forthcoming rules for cryptocurrency taxation. They argue this would foster complete compliance from the fast-growing industry,...

Gary Harmon admitted using his brother's credentials to recreate eight Bitcoin wallets stored on a device in an Internal Revenue Service evidence locker in April 2020. Harmon was sentenced to four years in prison Thursday by US District Judge Beryl Howell in Washington, DC, where he pleaded...

The Inflation Reduction Act that recently received Senate approval recommends an $80 billion provision for the Internal Revenue Service to strengthen enforcement and hiring. Rumors of the federal agency adding 87,000 new employees by 2031 have been doing the rounds, and reports suggest $46 billion...

U.S. Treasury Secretary Janet Yellen called the makeover of the Internal Revenue Service in the coming years one of her top priorities. What Happened: "That agency needs to be completely redone, and it’s a big task,” said Yellen, reported Reuters. The Treasury Secretary made the...

As Tesla Inc. (NASDAQ: TSLA) backers and CEO Elon Musk fume over the Internal Revenue Service, or IRS, giving short shrift to the electric vehicle maker, it appears that there is scope for setting things right with respect to the qualification norms for the EV tax credit. What Happened: The...

Former Treasury Secretary Lawrence Summers has questioned House Republicans' intent to prioritize ending “unnecessary” federal programs, including cutting down $80 billion in funding for the Internal Revenue Service. “I just learned @HouseGOP's first...

All digital assets, including stablecoins, non-fungible tokens (NFTs), and cryptocurrencies, will be subject to the same tax laws in the United States, according to the Internal Revenue Service’s 2022 tax year guide. The Details: Last year’s IRS guide addressed only the regulations...

A new tax law that took effect at the start of 2022 is not being welcomed by users of mobile payment services. What Happened: Starting this year, the IRS is requiring mobile payment apps such as Zelle, Block Inc.'s (NYSE: SQ) Cash App and Paypal Holdings Inc.'s (...

MAXIMUS, Inc. (NYSE: MMS) has been awarded two contracts from the Internal Revenue Service (IRS) for a combined value of $151 million. Maximus would help IRS with large-scale cloud migration and train IRS employees on new systems and technologies. The first contract is a $76 million...

The United States Internal Revenue Service (IRS) requested $32 million of funding to enhance its cryptocurrency enforcement efforts. What Happened: The IRS Fiscal Year 2022 Budget asks for a $13.2 billion budget, of which $32 million would be spent on reinforcing the operations...

The U.S.-based crypto exchange Kraken will now be obliged to provide the Internal Revenue Service (IRS) with details about its users engaged in cryptocurrency transactions equivalent to $20,000. What Happened: A court order ruled that the IRS was authorized to serve a John Doe...