IRS

Crypto

IRS Hires Private Sector Experts to Navigate Crypto Tax Compliance

The Internal Revenue Service (IRS) is poised to utilize funding allocated through the Inflation Reduction Act (IRA), a federal legislation aimed at mitigating inflation, to bolster compliance initiatives in emerging sectors, with digital assets being prioritized. Recent developments within the IRS include the recruitment of two seasoned crypto tax specialists

Crypto

IRS Demands Reporting for $10,000 Crypto Transactions in 2024

The implementation of provisions from the bipartisan infrastructure bill, signed into law by President Joe Biden, has raised concerns and uncertainties regarding the compliance with crypto tax reporting guidelines in 2024. The bill, which came into effect recently, mandates crypto brokers to report transactions exceeding $10,000 to the IRS,