News with the tag "IRS"

How does the IRS define a crypto broker? The definition of the term “broker” includes individuals or entities that regularly provide services to carry out digital asset transfers. This definition ensures that only those truly “in a position to know” transaction details are subject to Form 1099-DA re...

A political action committee network backed by the crypto industry is throwing its weight behind two Republican candidates in Florida’s upcoming special elections for the U.S. House of Representatives, set for April 1. The network includes Fairshake, Protect Progress, and Defend American Jobs, the l...

The crypto industry’s Fairshake political action committee is flooding Republican candidates with last-minute money in special congressional elections in Florida. Two U.S. House of Representatives seats had been opened by resignations when their occupants were tapped for posts in President Donald Tr...

Congress just delivered a massive win for crypto innovation, overturning the controversial IRS crypto rules that critics say stifled digital asset growth and pushed development overseas. US House and Senate Overturn IRS Crypto Rules, Easing Compliance Burdens The U.S. House of Representatives approv...

A majority of lawmakers in the U.S. House of Representatives voted to overturn an IRS rule treating crypto entities as brokers and requiring them to collect certain taxpayer and transaction information, including decentralized finance (DeFi) platforms. With a 292-132 vote, a bipartisan majority in t...

The crypto industry has emerged as a powerful force in U.S. politics, pouring over $134 million into the 2024 elections, according to a report by the Center for Political Accountability (CPA). The findings raise concerns about the influence of digital asset firms on policymaking and the potential fo...

The U.S. Senate overwhelmingly rejected an IRS crypto rule targeting DeFi, dealing a major blow to regulations critics say would cripple crypto innovation and threaten digital privacy. Senate Overturns IRS DeFi Rule With a 70-28 Vote The U.S. Senate passed a resolution on March 4, led by Senator Ted...

Senator Elizabeth Warren has accused former President Donald Trump and billionaire Elon Musk of aiding the wealthy in avoiding taxes. She believes the Trump and Musk are pressing the Internal Revenue Service (IRS) to reduce the workforce to obscure tax delays for billionaires in America. On Wednesda...

Bitcoin Magazine The Current State Of The IRS Broker Rule Between the holidays and New Years, the IRS used the last passing days of the Biden administration to finalize its long feared Broker Rule : a regulation requiring all cryptocurrency exchanges – custodial and non-custodial, fiat to crypto and...

In a significant win for the decentralized finance (DeFi) sector, the U.S. Senate has voted to overturn a contentious IRS rule that broadened the definition of “brokers” for tax reporting purposes. This move, celebrated by the cryptocurrency industry, signals a potential shift in how digital assets ...