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“# Bitcoin drops to $46K, altcoins sell-off as report claims Binance is under investigation ” Within the last hour Bitcoin (BTC) price dropped by more than 3%, extending the decline which started on May 12 and saw the digital asset drop as low as $46,000 on some exchanges. Initially, on May 12 it was Tesla’s…
“# Binance is reportedly under investigation from IRS and Justice Department ” Major cryptocurrency exchange Binance is reportedly under investigation by both the U.S. Department of Justice and Internal Revenue Service in an apparent effort to stymie illegal trading activity from users in the United States. According to a Bloomberg report, the two government agencies…
“# IRS will seize your crypto if you can’t pay back taxes ” The United States Internal Revenue Agency is prepared to seize the holdings of cryptocurrency owners who are struggling to pay their unpaid tax debts, sending a strong signal that the agency is treating digital assets the same as any other type of…
“# Court orders Kraken to provide information on user transactions to the IRS ” Kraken has been ordered to provide information on its users to who conducted the equivalent of $20,000 in crypto transactions in any one year, between 2016 and 2020, to the Internal Revenue Service. A federal court in northern California authorized the…
“# NFTs and US taxes: What you should know ” Seems like we now all have stories starting with, “What I did during the pandemic…” Most begin with cleaning out the closet and, hey, guess what? That’s where my story starts, but I bet you can’t guess where it ends! Let’s start with what I…
“# More IRS summonses for crypto exchange account holders ” The United States Internal Revenue Service has been hunting crypto vigorously for more than five years now, and the pace is getting faster. A couple of decades ago, the IRS was after offshore accounts, and that effort was among the most successful in the IRS’…
“# The crypto FBAR: Implications beyond ” The United States Department of Treasury is again sharpening its sword upon crypto. In January 2021, the Department of Treasury’s Financial Crimes Enforcement Network issued Notice 2020-2. The Notice states that FinCEN intends to amend its regulations concerning the reporting of foreign financial accounts to include digital currency…
“#Veterans included in latest round” The feds just doled out another 2 million stimulus checks — and a large chunk of them went to veterans. The Internal Revenue Service’s fifth batch of coronavirus relief payments under the American Rescue Plan included more than 320,000 checks for people relying Department of Veterans Affairs benefits, officials said….
“#Social Security recipients get COVID stimulus checks in latest batch” The IRS has finally delivered about $31 billion worth of COVID stimulus checks to federal benefit recipients who waited weeks for the money. People relying on Social Security and other federal programs received most of the more than 25 million payments in the fourth round…
“#What to do if the IRS threatens you over taxes already paid” Taxpayers facing threats from the IRS despite paying their taxes can make their problems go away — but they shouldn’t expect it to be easy, experts tell The Post. The agency has created a bureaucratic headache for the thousands of people who likely…