FTX Settles with IRS Over $24B Tax Bill
FTX has settled with the IRS for $200 million instead of $24 billion, clearing a significant hurdle in its bankruptcy. As per the documents submitted to the Bankruptcy Court for the District of Delaware, FTX has agreed to settle $200 million worth of priority claims against the Internal Revenue Service (IRS). This sum is payable […]
IRS Unveils Crypto Reporting Form Set for 2025
The IRS has revealed a draft of Form 1099-DA for reporting cryptocurrency transactions, aiming to streamline tax reporting for digital assets. Unveiled is an early prototype of a new tax form by the Internal Revenue Service (IRS) specifically designed to report transactions involving cryptocurrencies. The 1099-DA draft form represents the most recent advancement by the […]
IRS seized crypto worth $3.5B this year and it expects to seize much more in 2022
The Internal Revenue Service (IRS) of the United States released its annual Criminal Investigation (CI) report on Thursday. The bureau claimed seizing $3.5 billion in cryptocurrency during the fiscal year 2021. According to the most recent criminal investigation report, this sum accounted for 93% of all assets confiscated by the IRS that year. The IRS […]
IRS undercovers as Bitcoin Trader ‘Mr Coins’to nab dark web drug dealer
The Internal Revenue Service (IRS) set up an undercover account named “Mr Coins” and pretended to be a Bitcoin trader to expose a suspected dark web drug dealer. According to Forbes, the sting operation is the latest example of the IRS going undercover to uncover crooks, although it is a rare case of the IRS […]