The U.S. Internal Revenue Service (IRS) could begin to tax non-fungible tokens (NFTs) as it has classified them as digital assets alongside virtual currencies in its updated draft instructions for the 2022 tax year. According to the IRS, digital assets are “digital representations of value that are recorded on a cryptographically secured distributed ledger or…
A Barclays report has revealed that crypto investors might not be paying their full taxes to the Internal Revenue Service (IRS), saying that the tax gap for crypto traders could be up to $50 billion, CNBC reported. The tax gap is the difference between tax owed and tax collected. Barclays arrived at this calculation using…
In 2019 Joshua Jarrett earned block rewards on proof-of-stake networks, paid taxes as if those rewards were income, and in line with IRS’ limited guidance on how block rewards should be taxed. However, Jarrett also asked for a refund, arguing that the rewards should be treated as newly created property and therefore shouldn’t be taxed…
Despite the fact that a large percentage of all funds seized by the Internal Revenue Service (IRS) in this fiscal year came from cryptocurrency, the agency has projected that it could be able to confiscate more billions from the same source by the next fiscal year. This was revealed via the recently released report of…