IRS

One of the things people likely look forward to the least each year is filing taxes. A new report might make that annual task even more daunting for American residents. What Happened: Since the evolution of the internet, information like addresses, social security numbers and financial information...

Former President Donald Trump received a legal setback on Tuesday after the U.S. Supreme Court cleared the release of his tax returns to a committee made up of lawmakers. What Happened: The justices, at the highest U.S. court, unanimously denied an application by Trump that sought to block a lower...

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...

"Daily Show" host Trevor Noah recently criticized the tax laws that allow billionaire Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk to borrow money tax-free using his Tesla shares as collateral to fund his $44 billion proposed buyout of Twitter Inc (NYSE: TWTR). Noah argued there's a...

By Abigail Perry Crypto is still a relatively new investment opportunity, and there are still many unanswered questions about how it fits into our tax laws. Well, the bad news for crypto investors: it is taxable. Despite being a digital asset, the IRS considers cryptocurrency holdings 'property...

It’s doubtful Benjamin Franklin knew he was forever linking the IRS to the U.S. Constitution when he said, in a letter to Jean-Baptiste Le Roy in 1789, “Our new Constitution is now established, and has an appearance that promises permanency; but in this world nothing can be said to be...

The Biden administration submitted documents showing that the United States expects to receive a hefty capital injection thanks to the application of new crypto tax reporting rules, starting in the 2023 fiscal year. What Happened: On Monday, President Joe Biden submitted his budget...

This article was originally published on Gokhshtein Media and appears here with permission. The crypto revolution has created many unprecedented possibilities and conundrums. One of the latest legal dilemmas is focused around the question of what to do when people create new tokens through staking...

The Internal Revenue Service will not tax unsold tokens — a major relief for both cryptocurrency stakers and miners. What Happened: Joshua and Jessica Jarrett, a couple from Nashville, Tennessee, filed a legal complaint in a district court requesting a refund on $3,293 of income tax paid...

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 (...

World's biggest cryptocurrency exchange Binance hired Amjad Qaqish — a former member of the U.S. Internal Revenue Service's (IRS) Criminal Investigation unit — to be its director of the Global Suspicious Activity Report Reporting unit. What Happened: Binance...

The U.S. has a tax gap. According to a Tuesday report from the Department of the Treasury, the difference between tax dollars owed and collected amounts to $600 billion annually.  What Happened: That means that over the next 10 years, $7 trillion in tax revenue will have been...

For the first time in three years, the allowable driver per diem is going up. The Internal Revenue Service said the per diem for transportation workers in the 2021-22 period will be rising to $69 for travel in the continental U.S. and up to $74 for travel outside the continental U.S. Both figures...

TAKEAWAY:  • With two full years of public company disclosures, we provide a detail analysis that suggests minimum federal excise tax of 10% upon the end of federal prohibition.  • The MORE Act currently includes a 5% excise tax (with a gradual increase to 8% over three years)...