IRS

In a recent ruling, a federal court has mandated cryptocurrency exchange Kraken must provide account and transaction details to the Internal Revenue Service (IRS). The IRS stated it requires this information to investigate whether Kraken's users have failed to accurately report their...

In an interview on Wednesday, Ron DeSantis, the Republican presidential candidate and Florida governor, proposed the elimination of several federal departments, including the Department of Education, Commerce, Energy, and the IRS. What Happened: During an interview with Fox News, DeSantis listed...

Former Treasury Secretary Lawrence Summers has expressed hope the debt ceiling agreement between President Joe Biden and House Speaker Kevin McCarthy would pass Congress but indicated he is skeptical about the provisions regarding the Internal Revenue Service (IRS). "I am glad that the #...

The Internal Revenue Service said on Tuesday it has submitted a report to Congress evaluating a Direct File option for taxpayers. The federal agency said, in a statement, that many taxpayers are interested in using a free IRS-provided tool to prepare and file taxes. The IRS is taking steps to begin...

In a bid to combat sanctions evasion using cryptocurrency, the IRS criminal investigation division has announced its collaboration with blockchain analytics firm Chainalysis and Ukrainian investigators. The joint effort aims to identify Russian individuals who might be using digital assets to hide...

The US Internal Revenue Service (IRS) has submitted claims totaling almost $44 billion against the estate of the now-defunct cryptocurrency exchange FTX (CRYPTO: FTT) and its associated companies. Bankruptcy documents filed on April 27 and April 28 indicate that the IRS presented 45 claims...

Cannabis research firm, Whitney Economics, conducted an impact analysis of federal taxes on the cannabis industry and it was not very pretty. In 2022 alone, cannabis operators paid over $1.8 billion in additional taxes as compared to ordinary businesses. And worse, this excess is...

Non-fungible tokens (NFTs) may be taxed on par with other collectibles, such as fine wine or works of art, according to a recent document published by the U.S. Internal Revenue Service. This move could impact taxpayers who have included NFTs in their retirement plans. The proposed guidance is...

As the tax deadline of April 18 approaches, the tax preparation industry is experiencing a surge in demand for its services and software solutions. Benzinga identified several key players in the tax sector that could potentially benefit from the heightened activity during tax season. Intuit...

When the federal government first released its guidelines for the EV tax credit, many noticed a strange disparity. Tesla's Model Y did not qualify for the tax credit unless it was ordered with the 7-seat option. This came down to a weight and price discrepancy. Without 7 seats, the Model Y...

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...

President Joe Biden said Thursday he would veto any bill passed by the newly Republican-led House of Representatives that would significantly reduce IRS funding and raise taxes on middle-class Americans. What Happened: Biden spoke about the economy and the White House's efforts to combat...

After former Treasury Secretary Lawrence Summers questioned the House GOP’s intent to end “unnecessary” federal programs, which includes cutting down $80 billion in funding for the Internal Revenue Service (IRS), former Secretary of Labor Robert Reich has also sounded out his...

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...

Donald Trump’s tax returns have been handed over to a committee of the U.S. House of Representatives. What Happened: The Ways and Means Committee got access to the tax returns after a protracted legal fight in which the former president accused the Democrat-led panel of being driven by...