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IRS Unveils 2026 Form W-9 Draft with New Digital Asset Compliance Measures
The U.S. Internal Revenue Service (IRS) has taken a significant step toward modernizing tax compliance for the digital economy with the release of a draft Form W-9 for 2026. This updated form introduces critical requirements for digital asset transactions, mandating that U.S. brokers collect and verify Taxpayer Identification Numbers (TINs) for activities involving cryptocurrencies, non-fungible tokens (NFTs), and other digital assets. Set to take effect in January 2026, these regulations aim to enhance tax reporting accuracy, reduce compliance risks, and align the rapidly evolving digital asset market with traditional financial oversight.
Strengthening Tax Compliance for Digital Assets
The 2026 Form W-9 draft reflects the IRS’s commitment to addressing the growing prominence of digital assets in financial markets. A key feature of the draft is the requirement for U.S. brokers to collect and verify TINs for all transactions involving digital assets, such as cryptocurrencies and NFTs. This measure ensures that taxable events, including capital gains from trading or selling digital assets, are accurately reported to the IRS, closing gaps in tax compliance and increasing transparency.
Additionally, the draft introduces a new checkbox in Part II of Form W-9, allowing brokers to certify their status as U.S. digital asset brokers exempt from certain information reporting requirements under specific regulations. A new exempt payee code (code 14) has also been added, enabling payees to claim exemption from backup withholding for digital asset transactions through 2026, in line with IRS Notice 2025-33. These updates align with the rollout of Form 1099-DA, a dedicated information return for digital asset transactions, signaling the IRS’s focus on robust reporting mechanisms.
Clarifications for Sole Proprietors and Disregarded Entities
The draft Form W-9 provides explicit guidance for sole proprietors and disregarded entities, such as single-member LLCs, to ensure accurate TIN reporting. The form mandates that sole proprietors use their Social Security Number (SSN) and disregarded entities use their owner’s TIN, even if an Employer Identification Number (EIN) exists for the entity. This clarification aims to standardize TIN collection and minimize errors that could trigger backup withholding, a process where payers withhold taxes from payments due to incorrect or missing TINs. By streamlining these requirements, the IRS seeks to reduce compliance burdens for individuals and businesses while ensuring accurate tax reporting.
Implications for Businesses and Individuals
The introduction of these digital asset compliance measures requires businesses, particularly brokers handling cryptocurrencies and NFTs, to update their compliance processes by January 2026. This includes revising onboarding procedures to incorporate the new Form W-9 requirements, such as collecting updated TINs and integrating the digital asset broker certification checkbox. Entities managing electronic Forms W-9 must also adapt their systems to accommodate these changes, ensuring seamless compliance with IRS regulations.
For individuals and enterprises, the IRS emphasizes the importance of verifying TIN accuracy to avoid penalties or backup withholding. The $10,000 transaction reporting threshold for digital assets, combined with the new Form 1099-DA requirements, underscores the need for meticulous record-keeping. As digital assets gain mainstream adoption, these regulations aim to provide clarity and structure to a previously under-regulated sector, fostering trust and accountability in the digital economy.
A Broader Push for Digital Asset Regulation
The 2026 Form W-9 draft is part of a broader IRS initiative to modernize tax compliance in response to the rapid growth of digital assets. Building on the Infrastructure Investment and Jobs Act of 2021, the IRS has introduced comprehensive regulations, including final rules issued in June and December 2024, requiring custodial brokers to report gross proceeds from digital asset sales starting in 2026 and tax basis information for certain transactions beginning in 2027. These efforts aim to align digital asset reporting with traditional financial instruments, ensuring equitable tax treatment across markets.
The IRS’s focus on digital assets reflects their increasing significance in global finance, with over $6 trillion in on-chain real-world assets and billions in daily transactions. By integrating these compliance requirements into Form W-9, the IRS is paving the way for a more transparent and regulated digital asset ecosystem, addressing risks such as tax evasion while supporting innovation in blockchain technology.
Preparing for the Future of Tax Compliance
As the January 2026 effective date approaches, businesses and individuals must proactively prepare for the new Form W-9 requirements. Brokers should review their compliance frameworks, update client onboarding processes, and ensure systems are equipped to handle the new certification and exemption codes. Individuals and enterprises engaging in digital asset transactions should verify their TINs and maintain accurate records to comply with IRS reporting standards.
The 2026 Form W-9 draft marks a pivotal moment in the IRS’s efforts to integrate digital assets into the U.S. tax system. By enhancing oversight and standardizing reporting, these regulations aim to create a fair and transparent framework for the digital economy, ensuring that cryptocurrencies, NFTs, and other digital assets are subject to the same rigorous compliance standards as traditional financial instruments. As the digital asset landscape continues to evolve, these measures will play a critical role in shaping a secure and innovative financial future.
#cryptotax #IRS
Strengthening Tax Compliance for Digital Assets
The 2026 Form W-9 draft reflects the IRS’s commitment to addressing the growing prominence of digital assets in financial markets. A key feature of the draft is the requirement for U.S. brokers to collect and verify TINs for all transactions involving digital assets, such as cryptocurrencies and NFTs. This measure ensures that taxable events, including capital gains from trading or selling digital assets, are accurately reported to the IRS, closing gaps in tax compliance and increasing transparency.
Additionally, the draft introduces a new checkbox in Part II of Form W-9, allowing brokers to certify their status as U.S. digital asset brokers exempt from certain information reporting requirements under specific regulations. A new exempt payee code (code 14) has also been added, enabling payees to claim exemption from backup withholding for digital asset transactions through 2026, in line with IRS Notice 2025-33. These updates align with the rollout of Form 1099-DA, a dedicated information return for digital asset transactions, signaling the IRS’s focus on robust reporting mechanisms.
Clarifications for Sole Proprietors and Disregarded Entities
The draft Form W-9 provides explicit guidance for sole proprietors and disregarded entities, such as single-member LLCs, to ensure accurate TIN reporting. The form mandates that sole proprietors use their Social Security Number (SSN) and disregarded entities use their owner’s TIN, even if an Employer Identification Number (EIN) exists for the entity. This clarification aims to standardize TIN collection and minimize errors that could trigger backup withholding, a process where payers withhold taxes from payments due to incorrect or missing TINs. By streamlining these requirements, the IRS seeks to reduce compliance burdens for individuals and businesses while ensuring accurate tax reporting.
Implications for Businesses and Individuals
The introduction of these digital asset compliance measures requires businesses, particularly brokers handling cryptocurrencies and NFTs, to update their compliance processes by January 2026. This includes revising onboarding procedures to incorporate the new Form W-9 requirements, such as collecting updated TINs and integrating the digital asset broker certification checkbox. Entities managing electronic Forms W-9 must also adapt their systems to accommodate these changes, ensuring seamless compliance with IRS regulations.
For individuals and enterprises, the IRS emphasizes the importance of verifying TIN accuracy to avoid penalties or backup withholding. The $10,000 transaction reporting threshold for digital assets, combined with the new Form 1099-DA requirements, underscores the need for meticulous record-keeping. As digital assets gain mainstream adoption, these regulations aim to provide clarity and structure to a previously under-regulated sector, fostering trust and accountability in the digital economy.
A Broader Push for Digital Asset Regulation
The 2026 Form W-9 draft is part of a broader IRS initiative to modernize tax compliance in response to the rapid growth of digital assets. Building on the Infrastructure Investment and Jobs Act of 2021, the IRS has introduced comprehensive regulations, including final rules issued in June and December 2024, requiring custodial brokers to report gross proceeds from digital asset sales starting in 2026 and tax basis information for certain transactions beginning in 2027. These efforts aim to align digital asset reporting with traditional financial instruments, ensuring equitable tax treatment across markets.
The IRS’s focus on digital assets reflects their increasing significance in global finance, with over $6 trillion in on-chain real-world assets and billions in daily transactions. By integrating these compliance requirements into Form W-9, the IRS is paving the way for a more transparent and regulated digital asset ecosystem, addressing risks such as tax evasion while supporting innovation in blockchain technology.
Preparing for the Future of Tax Compliance
As the January 2026 effective date approaches, businesses and individuals must proactively prepare for the new Form W-9 requirements. Brokers should review their compliance frameworks, update client onboarding processes, and ensure systems are equipped to handle the new certification and exemption codes. Individuals and enterprises engaging in digital asset transactions should verify their TINs and maintain accurate records to comply with IRS reporting standards.
The 2026 Form W-9 draft marks a pivotal moment in the IRS’s efforts to integrate digital assets into the U.S. tax system. By enhancing oversight and standardizing reporting, these regulations aim to create a fair and transparent framework for the digital economy, ensuring that cryptocurrencies, NFTs, and other digital assets are subject to the same rigorous compliance standards as traditional financial instruments. As the digital asset landscape continues to evolve, these measures will play a critical role in shaping a secure and innovative financial future.
#cryptotax #IRS
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IRS
IRS Expands Crypto Oversight: From Targeted Investigations to Near Real-Time Blockchain Tracking
According to Mars Finance citing Decrypt, the U.S. Internal Revenue Service (IRS) has significantly expanded its cryptocurrency monitoring efforts since 2017, evolving from targeted investigations to near real-time blockchain surveillance.
Tax attorney David Klasing revealed that the IRS has obtained user data from multiple exchanges—including Coinbase and Kraken—through “John Doe” summonses. In 2021 alone, the IRS seized 3.5 times more crypto assets than in previous years, accounting for 93% of all assets seized that year.
A 2024 Treasury Inspector General for Tax Administration (TIGTA) report indicated that 75% of crypto users identified via exchange data may be non-compliant with tax obligations. In 2023, the IRS initiated 216 audits and sent nearly 15,000 “soft letters” warning users of potential tax issues.
The upcoming 1099-DA reporting system, set to launch in 2025, will require comprehensive reporting of digital asset sales, with expanded basic information reporting starting in 2026. Privacy advocates recently lost a U.S. Supreme Court case challenging the legality of the IRS’s Coinbase data summons, further cementing the agency’s authority.
While the Trump administration rolled back some DeFi broker reporting rules, centralized exchanges remain bound by strict compliance obligations. This shift underscores the growing regulatory pressure on the crypto industry and the need for investors to maintain proper tax documentation.
#IRS #cryptotax #CryptoCompliance #DigitalAssets #CryptoNews
According to Mars Finance citing Decrypt, the U.S. Internal Revenue Service (IRS) has significantly expanded its cryptocurrency monitoring efforts since 2017, evolving from targeted investigations to near real-time blockchain surveillance.
Tax attorney David Klasing revealed that the IRS has obtained user data from multiple exchanges—including Coinbase and Kraken—through “John Doe” summonses. In 2021 alone, the IRS seized 3.5 times more crypto assets than in previous years, accounting for 93% of all assets seized that year.
A 2024 Treasury Inspector General for Tax Administration (TIGTA) report indicated that 75% of crypto users identified via exchange data may be non-compliant with tax obligations. In 2023, the IRS initiated 216 audits and sent nearly 15,000 “soft letters” warning users of potential tax issues.
The upcoming 1099-DA reporting system, set to launch in 2025, will require comprehensive reporting of digital asset sales, with expanded basic information reporting starting in 2026. Privacy advocates recently lost a U.S. Supreme Court case challenging the legality of the IRS’s Coinbase data summons, further cementing the agency’s authority.
While the Trump administration rolled back some DeFi broker reporting rules, centralized exchanges remain bound by strict compliance obligations. This shift underscores the growing regulatory pressure on the crypto industry and the need for investors to maintain proper tax documentation.
#IRS #cryptotax #CryptoCompliance #DigitalAssets #CryptoNews
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US House Rejects IRS Regulation on DeFi – Positive Signal for the Market
The US House has just passed a resolution to repeal the Internal Revenue Service (#IRS ) regulation requiring DeFi platforms to implement KYC and report user data. This is good news for the decentralized finance (DeFi) sector, helping to reduce legal pressure and protect user anonymity.
This move could boost the development of #defi as investors feel more assured about the legal environment in the US. The crypto market, especially tokens related to DeFi, may react positively in the short term.
However, this resolution still needs to be approved by the US Senate in the next step. If approved, this will be an important step in shaping crypto policy in the US, helping the country maintain its competitive advantage in the blockchain and decentralized finance sector. #anhbacong
The US House has just passed a resolution to repeal the Internal Revenue Service (#IRS ) regulation requiring DeFi platforms to implement KYC and report user data. This is good news for the decentralized finance (DeFi) sector, helping to reduce legal pressure and protect user anonymity.
This move could boost the development of #defi as investors feel more assured about the legal environment in the US. The crypto market, especially tokens related to DeFi, may react positively in the short term.
However, this resolution still needs to be approved by the US Senate in the next step. If approved, this will be an important step in shaping crypto policy in the US, helping the country maintain its competitive advantage in the blockchain and decentralized finance sector. #anhbacong
IRS Considers Laying Off 50% of Its Workforce – What’s the Impact?
As part of a broad initiative to reduce the federal workforce, the IRS is considering laying off up to 50% of its employees. These measures include mass layoffs, incentive buyouts, and early retirements, potentially affecting up to 45,000 workers. This decision is a key component of President Donald Trump’s administration, spearheaded by Elon Musk, aiming to drastically cut government spending.
First Wave of Layoffs Has Already Begun
At the start of Trump’s presidency, the IRS employed nearly 100,000 people. Since February 20, the agency has already laid off approximately 7,000 employees, primarily those still in their probationary period without job protections. According to the New York Times, the remaining employees are being offered resignation packages.
Tax expert Mike Sylvester warned that cutting the workforce in half could severely disrupt the agency’s operations, causing delays in tax processing and refunds. “Americans could be waiting much longer for tax returns, and overall tax services may deteriorate,” Sylvester noted.
When Will the Next Layoffs Happen?
The IRS has yet to specify a clear timeline for additional layoffs. However, reports suggest that some dismissals have been postponed until the spring, after the peak tax season ends. The agency is currently overwhelmed with processing tax returns, meaning some critical positions remain temporarily unaffected.
Nevertheless, the administration remains firm in its goal to reduce the IRS workforce to just 45,000 employees. This drastic reduction could lead to longer wait times for tax refunds, fewer audits of large corporations, and an overall weaker enforcement of tax laws.
IRS Leadership Faces Pressure Amid Workforce Cuts
According to sources, IRS leadership is facing intense pressure as a result of the mass layoffs. Two key senior officials have already resigned, and acting IRS Commissioner Melanie Krause reportedly placed the chief human resources officer on administrative leave this week.
Meanwhile, the Department of Government Efficiency (DOGE), led by Gavin Kliger and Sam Corcos, has reportedly been actively reviewing IRS operations as part of Musk’s broader cost-cutting initiative. The organization is pushing for access to IRS databases containing detailed contractor information.
“Cutting the IRS in half at a time when even 90,000 employees aren’t enough due to outdated technology is extremely risky,” Sylvester warned.
How Will Layoffs Impact IRS Audits and Tax Enforcement?
According to experts, mass layoffs could significantly weaken the IRS’s ability to conduct audits and enforce tax laws. Vanessa Williamson, a senior fellow at the Urban-Brookings Tax Policy Center, stated that reducing IRS staff could effectively end efforts to monitor tax evasion among the ultra-wealthy.
Currently, the IRS employs around 90,000 people across the United States, with over 56% of its workforce being minorities and 65% being women. Labor unions and former IRS officials have strongly opposed the layoffs, warning that they could severely impact the agency’s ability to function.
“With fewer employees, there will be fewer tax audits on wealthy Americans and corporations, potentially leading to a significant drop in tax revenue,” former IRS commissioners warned in a joint statement.
IRS Employees May Be Transferred to Homeland Security
In an unexpected move, some IRS employees could be transferred to the Department of Homeland Security (DHS) to assist with immigration enforcement. In February, DHS Secretary Kristi Noem formally requested that IRS reallocate staff to help with border security and other enforcement tasks.
However, sources suggest that employees involved in processing 2025 tax returns have been restricted from accepting Musk’s buyout offers until after the April tax filing deadline.
What’s Next for the IRS?
With continued pressure to shrink the federal government, the IRS is expected to undergo further layoffs and restructuring. Any additional changes could have a significant impact on the speed and efficiency of tax collection in the United States.
#IRS , #CryptoNewss ,#TaxPolicy , #ElonMusk , #DonaldTrump
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
First Wave of Layoffs Has Already Begun
At the start of Trump’s presidency, the IRS employed nearly 100,000 people. Since February 20, the agency has already laid off approximately 7,000 employees, primarily those still in their probationary period without job protections. According to the New York Times, the remaining employees are being offered resignation packages.
Tax expert Mike Sylvester warned that cutting the workforce in half could severely disrupt the agency’s operations, causing delays in tax processing and refunds. “Americans could be waiting much longer for tax returns, and overall tax services may deteriorate,” Sylvester noted.
When Will the Next Layoffs Happen?
The IRS has yet to specify a clear timeline for additional layoffs. However, reports suggest that some dismissals have been postponed until the spring, after the peak tax season ends. The agency is currently overwhelmed with processing tax returns, meaning some critical positions remain temporarily unaffected.
Nevertheless, the administration remains firm in its goal to reduce the IRS workforce to just 45,000 employees. This drastic reduction could lead to longer wait times for tax refunds, fewer audits of large corporations, and an overall weaker enforcement of tax laws.
IRS Leadership Faces Pressure Amid Workforce Cuts
According to sources, IRS leadership is facing intense pressure as a result of the mass layoffs. Two key senior officials have already resigned, and acting IRS Commissioner Melanie Krause reportedly placed the chief human resources officer on administrative leave this week.
Meanwhile, the Department of Government Efficiency (DOGE), led by Gavin Kliger and Sam Corcos, has reportedly been actively reviewing IRS operations as part of Musk’s broader cost-cutting initiative. The organization is pushing for access to IRS databases containing detailed contractor information.
“Cutting the IRS in half at a time when even 90,000 employees aren’t enough due to outdated technology is extremely risky,” Sylvester warned.
How Will Layoffs Impact IRS Audits and Tax Enforcement?
According to experts, mass layoffs could significantly weaken the IRS’s ability to conduct audits and enforce tax laws. Vanessa Williamson, a senior fellow at the Urban-Brookings Tax Policy Center, stated that reducing IRS staff could effectively end efforts to monitor tax evasion among the ultra-wealthy.
Currently, the IRS employs around 90,000 people across the United States, with over 56% of its workforce being minorities and 65% being women. Labor unions and former IRS officials have strongly opposed the layoffs, warning that they could severely impact the agency’s ability to function.
“With fewer employees, there will be fewer tax audits on wealthy Americans and corporations, potentially leading to a significant drop in tax revenue,” former IRS commissioners warned in a joint statement.
IRS Employees May Be Transferred to Homeland Security
In an unexpected move, some IRS employees could be transferred to the Department of Homeland Security (DHS) to assist with immigration enforcement. In February, DHS Secretary Kristi Noem formally requested that IRS reallocate staff to help with border security and other enforcement tasks.
However, sources suggest that employees involved in processing 2025 tax returns have been restricted from accepting Musk’s buyout offers until after the April tax filing deadline.
What’s Next for the IRS?
With continued pressure to shrink the federal government, the IRS is expected to undergo further layoffs and restructuring. Any additional changes could have a significant impact on the speed and efficiency of tax collection in the United States.
#IRS , #CryptoNewss ,#TaxPolicy , #ElonMusk , #DonaldTrump
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
In a major win for crypto, the U.S. Senate voted 70-28 to overturn a heavily criticized IRS regulation that would have forced DeFi service providers to report user data like traditional brokers.
📜 The rule — introduced during Biden’s final days — required 1099 tax forms for non-employment income like staking rewards, royalties, and even gambling winnings.
🧱 DeFi builders and advocates saw it as a threat to privacy and decentralization.
The bill now heads to President Trump’s desk for signature. If signed, it would be a huge step toward protecting innovation in the U.S.
💬 “This repeal is crucial for keeping America at the forefront of Web3,” said Amanda Tuminelli of the DeFi Education Fund.
Do you think Trump will sign it? 👀
#CryptoNews #DeFi #IRS #USSenate #cryptotaxes
📜 The rule — introduced during Biden’s final days — required 1099 tax forms for non-employment income like staking rewards, royalties, and even gambling winnings.
🧱 DeFi builders and advocates saw it as a threat to privacy and decentralization.
The bill now heads to President Trump’s desk for signature. If signed, it would be a huge step toward protecting innovation in the U.S.
💬 “This repeal is crucial for keeping America at the forefront of Web3,” said Amanda Tuminelli of the DeFi Education Fund.
Do you think Trump will sign it? 👀
#CryptoNews #DeFi #IRS #USSenate #cryptotaxes
President Trump has officially signed a bill repealing tax-reporting rules for DeFi platforms — marking the first crypto-related law in U.S. history.
The repealed rule would have forced DeFi protocols to collect user data like traditional brokers and report it to the IRS. The crypto community fought back hard, calling the rule unrealistic and dangerous for privacy.
💬 “It was a midnight move by the Biden administration,” said David Sacks, the White House crypto advisor.
📣 DeFi Education Fund called the repeal a turning point for digital assets in America.
Is the U.S. finally embracing crypto innovation?
#Trump #CryptoLaw #DeFi #IRS #Regulation
👉 Follow us for the latest game-changing updates.
The repealed rule would have forced DeFi protocols to collect user data like traditional brokers and report it to the IRS. The crypto community fought back hard, calling the rule unrealistic and dangerous for privacy.
💬 “It was a midnight move by the Biden administration,” said David Sacks, the White House crypto advisor.
📣 DeFi Education Fund called the repeal a turning point for digital assets in America.
Is the U.S. finally embracing crypto innovation?
#Trump #CryptoLaw #DeFi #IRS #Regulation
👉 Follow us for the latest game-changing updates.
New IRS Crypto Tax Reporting Rules: What You Need to Know
The IRS is rolling out a fresh set of crypto tax reporting requirements, with significant implications for brokers, centralized exchanges, and decentralized platforms. These new rules aim to enhance compliance, ensure transparency, and streamline the reporting of digital asset transactions. Here’s a breakdown of what crypto investors and platforms need to know:
Centralized Exchanges to Report via Form 1099-DA in 2025
Starting in 2025, centralized exchanges will be required to file Form 1099-DA with the IRS. Key highlights include:
Scope of Reporting: Brokers must disclose acquisition and disposal details of crypto transactions.Effective Timeline: Reports for 2025 transactions must be submitted by early 2026.Cost Basis Exclusion: Cost basis data will only become mandatory starting with the 2026 tax year, giving brokers time to adjust.
For ETF investors, reporting has already started in 2024, with issuers required to file 1099-B or 1099-DA forms. These changes aim to streamline compliance while avoiding new tax burdens for digital asset holders.
DeFi Platforms to Begin Reporting in 2027
Decentralized platforms will join the IRS reporting requirements in 2027. They will be responsible for reporting:
Gross Proceeds Only: DeFi platforms won’t report cost basis due to the decentralized nature of transactions.Broker Scope: Applies to platforms handling custody, including trading platforms, wallet providers, and payment processors.
This extended timeline reflects the complexities of monitoring peer-to-peer transactions in DeFi ecosystems.
Aligning Regulations with Industry Growth
These rules align with the broader pro-crypto stance of the current U.S. administration, which aims to:
Support blockchain innovation.Ensure regulatory clarity for businesses and investors.Foster stability in the crypto market.
The IRS has also issued guidance for DeFi brokers to report detailed transaction data, reinforcing transparency.
Key Takeaways for Investors and Platforms
For Investors: Prepare for increased scrutiny of crypto transactions and ensure accurate tax filings.For Platforms: Brokers must upgrade systems to meet the new reporting standards by the stated deadlines.
This regulatory push underscores the growing mainstream adoption of crypto and the need for com
#cryptotax #IRS #DeFi #CryptoNews #TheCoinRepublic
Centralized Exchanges to Report via Form 1099-DA in 2025
Starting in 2025, centralized exchanges will be required to file Form 1099-DA with the IRS. Key highlights include:
Scope of Reporting: Brokers must disclose acquisition and disposal details of crypto transactions.Effective Timeline: Reports for 2025 transactions must be submitted by early 2026.Cost Basis Exclusion: Cost basis data will only become mandatory starting with the 2026 tax year, giving brokers time to adjust.
For ETF investors, reporting has already started in 2024, with issuers required to file 1099-B or 1099-DA forms. These changes aim to streamline compliance while avoiding new tax burdens for digital asset holders.
DeFi Platforms to Begin Reporting in 2027
Decentralized platforms will join the IRS reporting requirements in 2027. They will be responsible for reporting:
Gross Proceeds Only: DeFi platforms won’t report cost basis due to the decentralized nature of transactions.Broker Scope: Applies to platforms handling custody, including trading platforms, wallet providers, and payment processors.
This extended timeline reflects the complexities of monitoring peer-to-peer transactions in DeFi ecosystems.
Aligning Regulations with Industry Growth
These rules align with the broader pro-crypto stance of the current U.S. administration, which aims to:
Support blockchain innovation.Ensure regulatory clarity for businesses and investors.Foster stability in the crypto market.
The IRS has also issued guidance for DeFi brokers to report detailed transaction data, reinforcing transparency.
Key Takeaways for Investors and Platforms
For Investors: Prepare for increased scrutiny of crypto transactions and ensure accurate tax filings.For Platforms: Brokers must upgrade systems to meet the new reporting standards by the stated deadlines.
This regulatory push underscores the growing mainstream adoption of crypto and the need for com
#cryptotax #IRS #DeFi #CryptoNews #TheCoinRepublic
IRS's Final Decision on Taxation of DeFi and Its Users
Will this new regulation pose challenges for users participating in the DeFi market in 2027?
On July 9, 2024, the U.S. Department of the Treasury issued final regulations requiring custodial brokers to report transaction information for assets they manage on behalf of their clients. Additionally, they warned that similar regulations would be applied to non-custodial brokers in the future.
On December 27, 2024, the U.S. Department of the Treasury officially announced regulations applicable to DeFi, focusing on trading front-end services that enable individual investors to interact with DeFi protocols.
According to the plan, these regulations will take effect on January 1, 2025. Starting in 2027, brokers will be required to disclose information on the total proceeds from the sale of cryptocurrencies and other digital assets, including details related to taxpayers involved in such transactions.
The IRS has analyzed DeFi operations into three distinct layers:
Interface Layer: Where users interact directly, such as trading applications or digital wallets.Application Layer: Where transaction logic is processed, such as smart contracts or DeFi protocols.Settlement Layer: Where actual transactions are executed and recorded on the blockchain.
Although there have been objections arguing that applying traditional securities trading models as a reference is inappropriate due to the significant differences between DeFi and securities trading, the IRS maintains that this model is useful in understanding and defining the fundamental steps of transactions.
According to the IRS, these regulations simply treat DeFi like any other industry, asserting that similar rules have been applied to brokers for over 40 years.
"The Treasury Department and the IRS disagree with the notion that these final regulations show bias against the DeFi industry or that they will discourage the adoption of this technology by law-abiding customers."
-- The IRS stated that... --
The new regulations will apply to digital asset transactions starting in 2027. Brokers will be required to begin collecting and reporting necessary data for digital asset transactions starting in 2026. According to the IRS, between 650 and 875 DeFi projects are expected to be affected by these regulations.
"Reporting information by DeFi brokers under Section 6045 will lead to higher tax compliance, as income earned from digital asset transactions of taxpayers not routed through custodial brokers will become more transparent to both the IRS and the taxpayers."
-- The IRS emphasized that... --
The IRS only applies the reporting obligation to parties that are actually able to collect and provide useful transaction information, such as front-end trading platforms. Other parties that cannot or do not have access to important information will be exempt from this obligation.
Some users on X believe that the new regulations will make it more complicated to participate in the crypto market. They are concerned that transaction processes will be burdened with more regulations, and the requirement to pay taxes will add financial and procedural burdens. This could make participating in the market less straightforward, especially for individual users.
The altcoin market also reacted negatively to this news, with most projects experiencing a slight decline.
#NewsAboutCrypto #CryptoNewss #IRS #defi
On July 9, 2024, the U.S. Department of the Treasury issued final regulations requiring custodial brokers to report transaction information for assets they manage on behalf of their clients. Additionally, they warned that similar regulations would be applied to non-custodial brokers in the future.
On December 27, 2024, the U.S. Department of the Treasury officially announced regulations applicable to DeFi, focusing on trading front-end services that enable individual investors to interact with DeFi protocols.
According to the plan, these regulations will take effect on January 1, 2025. Starting in 2027, brokers will be required to disclose information on the total proceeds from the sale of cryptocurrencies and other digital assets, including details related to taxpayers involved in such transactions.
The IRS has analyzed DeFi operations into three distinct layers:
Interface Layer: Where users interact directly, such as trading applications or digital wallets.Application Layer: Where transaction logic is processed, such as smart contracts or DeFi protocols.Settlement Layer: Where actual transactions are executed and recorded on the blockchain.
Although there have been objections arguing that applying traditional securities trading models as a reference is inappropriate due to the significant differences between DeFi and securities trading, the IRS maintains that this model is useful in understanding and defining the fundamental steps of transactions.
According to the IRS, these regulations simply treat DeFi like any other industry, asserting that similar rules have been applied to brokers for over 40 years.
"The Treasury Department and the IRS disagree with the notion that these final regulations show bias against the DeFi industry or that they will discourage the adoption of this technology by law-abiding customers."
-- The IRS stated that... --
The new regulations will apply to digital asset transactions starting in 2027. Brokers will be required to begin collecting and reporting necessary data for digital asset transactions starting in 2026. According to the IRS, between 650 and 875 DeFi projects are expected to be affected by these regulations.
"Reporting information by DeFi brokers under Section 6045 will lead to higher tax compliance, as income earned from digital asset transactions of taxpayers not routed through custodial brokers will become more transparent to both the IRS and the taxpayers."
-- The IRS emphasized that... --
The IRS only applies the reporting obligation to parties that are actually able to collect and provide useful transaction information, such as front-end trading platforms. Other parties that cannot or do not have access to important information will be exempt from this obligation.
Some users on X believe that the new regulations will make it more complicated to participate in the crypto market. They are concerned that transaction processes will be burdened with more regulations, and the requirement to pay taxes will add financial and procedural burdens. This could make participating in the market less straightforward, especially for individual users.
The altcoin market also reacted negatively to this news, with most projects experiencing a slight decline.
#NewsAboutCrypto #CryptoNewss #IRS #defi
🚨 BREAKING: TRUMP SAVES #DEFİ 🚨
“No more IRS overreach — DeFi stays FREE.”
In a MASSIVE W for crypto, President Trump just OVERTURNED the IRS rule that tried to crack down on #defi .
That rule?
❌ Forced DeFi to report YOUR data
❌ Treated decentralized platforms like Wall Street brokers
❌ Threatened innovation with impossible compliance
But now? It’s GONE. ERASED. DEAD.
This is a HISTORIC WIN for:
🔐 Privacy Maxis — Your wallet, your business
🛠️ Builders — No more chains on innovation
⚡ Web3 Dreamers — Decentralization just got a green light
Trump just told the IRS:
“Back OFF DeFi. Innovation > Control.”
The future is clear:
DeFi is unstoppable.
Privacy is power.
Freedom is the alpha.
Drop a “FREEDOM” in the comments if you’re riding this next DeFi wave.
#CryptoNews #DeFi #Trump #IRS
Buy nd trade #defi coin here 👇
“No more IRS overreach — DeFi stays FREE.”
In a MASSIVE W for crypto, President Trump just OVERTURNED the IRS rule that tried to crack down on #defi .
That rule?
❌ Forced DeFi to report YOUR data
❌ Treated decentralized platforms like Wall Street brokers
❌ Threatened innovation with impossible compliance
But now? It’s GONE. ERASED. DEAD.
This is a HISTORIC WIN for:
🔐 Privacy Maxis — Your wallet, your business
🛠️ Builders — No more chains on innovation
⚡ Web3 Dreamers — Decentralization just got a green light
Trump just told the IRS:
“Back OFF DeFi. Innovation > Control.”
The future is clear:
DeFi is unstoppable.
Privacy is power.
Freedom is the alpha.
Drop a “FREEDOM” in the comments if you’re riding this next DeFi wave.
#CryptoNews #DeFi #Trump #IRS
Buy nd trade #defi coin here 👇
🚨 The Internal Revenue Service #IRS has issued new guidance on how #staking rewards should be taxed, which could influence #investor behavior, particularly for those involved in proof-of-stake cryptocurrencies like $ETH
#NewsAboutCrypto
#NewsAboutCrypto
🚨 BREAKING: U.S. TAX AGENCY (IRS) TO LAY OFF 6,000 EMPLOYEES 🇺🇸🔥
Big news just dropped today! The *U.S. Internal Revenue Service (IRS)* is set to lay off *6,000 employees*. 😱
What’s causing this? Well, there’s a lot of speculation around it, but one thing's clear – the *Trump* and *Elon Musk* effect might be behind these changes.
---
*Here’s What’s Happening:*
*1. Trump Administration's Impact:*
During *Trump's presidency*, the focus on tax cuts and streamlined government spending created changes that are now impacting agencies like the IRS. With a more *minimalist approach* to government services, the IRS might be restructuring to adapt to the new era of tax policy.
*2. Elon Musk's Influence on Tech & Economy:*
*Elon Musk* has often spoken about *tax policies* and *efficiency in government spending*. His approach to business and productivity might be influencing the shift in government sectors, encouraging *optimizations* and *job cuts* as part of a larger trend to focus on *automation* and *technology* in financial operations.
---
*Why It Matters:*
- *Fewer IRS Workers:*
If you’ve been dealing with taxes, you know that fewer employees might lead to *longer processing times* or *delayed responses* from the IRS. Not the best news for taxpayers! 📉
- *Impact on the Economy:*
This move is part of broader *cost-cutting* measures happening in multiple government sectors. It's a reflection of the *economic pressures* many organizations are facing as the world shifts towards more *efficient tech* solutions. 💡
---
*What’s Next?*
- For many, this could be a *game-changer* in how taxes are handled. With more reliance on *AI* and *automation*, who knows what changes are coming next? ⚙️
---
Stay tuned as we follow this story, because things are heating up! 🔥
#IRS #ElonMusk #TrumpEffect #IRSRestructure #breakingnews
Big news just dropped today! The *U.S. Internal Revenue Service (IRS)* is set to lay off *6,000 employees*. 😱
What’s causing this? Well, there’s a lot of speculation around it, but one thing's clear – the *Trump* and *Elon Musk* effect might be behind these changes.
---
*Here’s What’s Happening:*
*1. Trump Administration's Impact:*
During *Trump's presidency*, the focus on tax cuts and streamlined government spending created changes that are now impacting agencies like the IRS. With a more *minimalist approach* to government services, the IRS might be restructuring to adapt to the new era of tax policy.
*2. Elon Musk's Influence on Tech & Economy:*
*Elon Musk* has often spoken about *tax policies* and *efficiency in government spending*. His approach to business and productivity might be influencing the shift in government sectors, encouraging *optimizations* and *job cuts* as part of a larger trend to focus on *automation* and *technology* in financial operations.
---
*Why It Matters:*
- *Fewer IRS Workers:*
If you’ve been dealing with taxes, you know that fewer employees might lead to *longer processing times* or *delayed responses* from the IRS. Not the best news for taxpayers! 📉
- *Impact on the Economy:*
This move is part of broader *cost-cutting* measures happening in multiple government sectors. It's a reflection of the *economic pressures* many organizations are facing as the world shifts towards more *efficient tech* solutions. 💡
---
*What’s Next?*
- For many, this could be a *game-changer* in how taxes are handled. With more reliance on *AI* and *automation*, who knows what changes are coming next? ⚙️
---
Stay tuned as we follow this story, because things are heating up! 🔥
#IRS #ElonMusk #TrumpEffect #IRSRestructure #breakingnews
🏛 US Supreme Court Ruling Sparks Crypto Privacy Concerns
🇺🇸 In a landmark decision, the US Supreme Court has ruled against Coinbase users, siding with the IRS in a case involving access to user data on the exchange.
⚖️ The ruling upholds the IRS's authority to issue summonses for crypto user information—setting a precedent with far-reaching implications for:
▫️ User privacy
▫️ Crypto taxation
▫️ Regulatory oversight
🌐 While the goal is greater tax compliance, the ruling raises serious questions about data privacy and government access to financial records in the decentralized era.
#Crypto #Coinbase #IRS #Regulation #Blockchain
https://coingape.com/us-supreme-court-raises-privacy-concerns-in-ruling-against-coinbase-users/?utm_source=bnb&utm_medium=coingape
🇺🇸 In a landmark decision, the US Supreme Court has ruled against Coinbase users, siding with the IRS in a case involving access to user data on the exchange.
⚖️ The ruling upholds the IRS's authority to issue summonses for crypto user information—setting a precedent with far-reaching implications for:
▫️ User privacy
▫️ Crypto taxation
▫️ Regulatory oversight
🌐 While the goal is greater tax compliance, the ruling raises serious questions about data privacy and government access to financial records in the decentralized era.
#Crypto #Coinbase #IRS #Regulation #Blockchain
https://coingape.com/us-supreme-court-raises-privacy-concerns-in-ruling-against-coinbase-users/?utm_source=bnb&utm_medium=coingape
See original
Bitcoin is a Commodity: It's Time for the US Congress to Reform Bitcoin Tax Laws
Although Bitcoin is recognized as a commodity by the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and federal courts, the Internal Revenue Service (IRS) does not treat it as such, leading to a significant issue: Bitcoin miners are taxed twice - when they mine and when they sell Bitcoin. This is the only case where a commodity is taxed in this manner.
Inadequacies in current tax policy
Inadequacies in current tax policy
🚨 IRS Digital Assets Chief Trish Turner Resigns After Just 3 Months! 💥
After only 90 days at the helm, Trish Turner has shocked D.C. by stepping down as the IRS’s crypto czar.
👉 She’s jumping straight into the private sector, joining Crypto Tax Girl as Tax Director.
Why it matters:
⚡ IRS is rolling out the new 1099-DA form for crypto taxes
📉 Internal staffing cuts & policy uncertainty are piling up
🤝 Regulators keep defecting to crypto firms — the revolving door spins again
Turner calls it a “new vantage point,” but many see it as a sign of the IRS losing ground in the crypto wars.
🔥 Another regulator goes crypto. Another chapter in the battle for digital assets.
#IRS #Bitcoin #CryptoTax #CryptoRally #BinanceAlpha $BNB $XRP
After only 90 days at the helm, Trish Turner has shocked D.C. by stepping down as the IRS’s crypto czar.
👉 She’s jumping straight into the private sector, joining Crypto Tax Girl as Tax Director.
Why it matters:
⚡ IRS is rolling out the new 1099-DA form for crypto taxes
📉 Internal staffing cuts & policy uncertainty are piling up
🤝 Regulators keep defecting to crypto firms — the revolving door spins again
Turner calls it a “new vantage point,” but many see it as a sign of the IRS losing ground in the crypto wars.
🔥 Another regulator goes crypto. Another chapter in the battle for digital assets.
#IRS #Bitcoin #CryptoTax #CryptoRally #BinanceAlpha $BNB $XRP
Elon Musk’s DOGE to Fire 15,000 IRS Employees! What’s Behind This Radical Move?
The U.S. government is preparing for massive layoffs as part of Trump’s plan to reduce federal jobs. Elon Musk, leading the Department of Government Efficiency (DOGE), has announced that 15,000 IRS employees will be fired next week – right in the middle of tax season! 🤯
What are the consequences, and why is Musk’s agency facing lawsuits? Read on! ⬇️
Musk’s DOGE Dismantling the IRS – What’s Next? 🏛️🔻
According to AP News, this mass layoff is part of the Trump administration’s broader effort to downsize federal agencies.
🟢 The IRS lost $80 billion in funding, originally intended for modernization and hiring new employees.
🔴 Instead of expansion, the agency is now shrinking – and Musk’s DOGE is leading the charge.
It remains unclear how many more IRS employees could be affected, as job cuts are happening at a rapid pace.
IRS Blocks Employees from Quitting During Tax Season! 🏦❌
Back in February, the IRS offered federal employees an optional buyout program, allowing them to leave with paychecks secured through September.
But wait! 🚨 IRS employees handling the 2025 tax season were denied this option.
📅 They must remain on duty until April 15 or forfeit their severance packages.
The IRS expects to process over 140 million tax returns this season – but with these layoffs, will they even manage? Chaos seems inevitable! 💥
Musk’s DOGE Under Fire: 14 States Sue for Government Overreach! ⚖️🔥
Musk’s DOGE agency isn’t just cutting jobs – it has also seized control of federal data, sparking massive backlash.
⚖️ Attorneys general from 14 states filed a lawsuit against DOGE, arguing that it operates without oversight.
📜 According to the lawsuit, the agency is making decisions that should only be authorized by the Senate.
The lawsuit claims that DOGE has "virtually unchecked power" and that Trump’s executive order bypassed Congress, making DOGE legally questionable.
👨⚖️ Federal Judge John Bates, however, ruled in favor of Elon Musk, allowing DOGE to access federal data.
📝 “The plaintiffs have not demonstrated that DOGE is not a federal agency,” Bates stated in his ruling.
What does this mean? Musk’s agency can now enter other government offices and access their records! 🤯
DOGE Gaining Access to Sensitive Federal Data – Unions Sound the Alarm! 🚨📂
Unions and legal experts are warning that DOGE now has unrestricted access to sensitive government records, including:
🔹 Taxpayer data of millions of Americans 📑
🔹 Employee complaints about workplace safety ⚠️
🔹 Medical records of federal workers 🏥
👀 The biggest concern? Some of these records involve ongoing investigations into Musk’s own companies, Tesla and SpaceX!
💬 Attorney Mark Samburg warned that federal employees may now hesitate to report workplace violations, fearing that DOGE has access to their private information.
📢 “Sensitive data of millions of people is now at immediate risk of unlawful exposure,” Samburg stated.
What’s Next? IRS Layoffs, Musk’s Expanding Power & Legal Battles 🏛️💰
Unions attempted to block DOGE from accessing federal data, but Judge Bates denied their request.
For now, Musk’s agency is moving full speed ahead:
🔹 The IRS will lose 15,000 employees next week 💼📉
🔹 DOGE has gained unrestricted access to government databases 🔓💾
🔹 14 states are fighting to curb Musk’s power – so far, without success ⚖️🔥
Musk immediately shared the court ruling on X, simply posting: "LFG" (Let’s F*cking Go).
🚀 What do you think? Is Elon Musk saving the government’s budget, or is he gaining too much power? Share your thoughts in the comments! ⬇️
#DOGE , #ElonMusk , #DonaldTrump , #CryptoNewss , #IRS
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
What are the consequences, and why is Musk’s agency facing lawsuits? Read on! ⬇️
Musk’s DOGE Dismantling the IRS – What’s Next? 🏛️🔻
According to AP News, this mass layoff is part of the Trump administration’s broader effort to downsize federal agencies.
🟢 The IRS lost $80 billion in funding, originally intended for modernization and hiring new employees.
🔴 Instead of expansion, the agency is now shrinking – and Musk’s DOGE is leading the charge.
It remains unclear how many more IRS employees could be affected, as job cuts are happening at a rapid pace.
IRS Blocks Employees from Quitting During Tax Season! 🏦❌
Back in February, the IRS offered federal employees an optional buyout program, allowing them to leave with paychecks secured through September.
But wait! 🚨 IRS employees handling the 2025 tax season were denied this option.
📅 They must remain on duty until April 15 or forfeit their severance packages.
The IRS expects to process over 140 million tax returns this season – but with these layoffs, will they even manage? Chaos seems inevitable! 💥
Musk’s DOGE Under Fire: 14 States Sue for Government Overreach! ⚖️🔥
Musk’s DOGE agency isn’t just cutting jobs – it has also seized control of federal data, sparking massive backlash.
⚖️ Attorneys general from 14 states filed a lawsuit against DOGE, arguing that it operates without oversight.
📜 According to the lawsuit, the agency is making decisions that should only be authorized by the Senate.
The lawsuit claims that DOGE has "virtually unchecked power" and that Trump’s executive order bypassed Congress, making DOGE legally questionable.
👨⚖️ Federal Judge John Bates, however, ruled in favor of Elon Musk, allowing DOGE to access federal data.
📝 “The plaintiffs have not demonstrated that DOGE is not a federal agency,” Bates stated in his ruling.
What does this mean? Musk’s agency can now enter other government offices and access their records! 🤯
DOGE Gaining Access to Sensitive Federal Data – Unions Sound the Alarm! 🚨📂
Unions and legal experts are warning that DOGE now has unrestricted access to sensitive government records, including:
🔹 Taxpayer data of millions of Americans 📑
🔹 Employee complaints about workplace safety ⚠️
🔹 Medical records of federal workers 🏥
👀 The biggest concern? Some of these records involve ongoing investigations into Musk’s own companies, Tesla and SpaceX!
💬 Attorney Mark Samburg warned that federal employees may now hesitate to report workplace violations, fearing that DOGE has access to their private information.
📢 “Sensitive data of millions of people is now at immediate risk of unlawful exposure,” Samburg stated.
What’s Next? IRS Layoffs, Musk’s Expanding Power & Legal Battles 🏛️💰
Unions attempted to block DOGE from accessing federal data, but Judge Bates denied their request.
For now, Musk’s agency is moving full speed ahead:
🔹 The IRS will lose 15,000 employees next week 💼📉
🔹 DOGE has gained unrestricted access to government databases 🔓💾
🔹 14 states are fighting to curb Musk’s power – so far, without success ⚖️🔥
Musk immediately shared the court ruling on X, simply posting: "LFG" (Let’s F*cking Go).
🚀 What do you think? Is Elon Musk saving the government’s budget, or is he gaining too much power? Share your thoughts in the comments! ⬇️
#DOGE , #ElonMusk , #DonaldTrump , #CryptoNewss , #IRS
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
See original
DeFi Enters a New Growth Phase – Notable Trends!
The decentralized finance (DeFi) market is showing strong signs of recovery, especially as the U.S. government has supportive policies for crypto. Some reports from market analysis organizations suggest that DeFi could enter a new growth phase thanks to greater legal clarity and increasing interest from financial institutions.
New policies pave the way for DeFi
The current legal environment is more open to blockchain technology and decentralized finance. These changes could help reduce legal barriers, facilitating stronger development of DeFi projects.
New policies pave the way for DeFi
The current legal environment is more open to blockchain technology and decentralized finance. These changes could help reduce legal barriers, facilitating stronger development of DeFi projects.
🔥𝐏𝐫𝐞𝐬𝐢𝐝𝐞𝐧𝐭 𝐓𝐫𝐮𝐦𝐩 𝐒𝐢𝐠𝐧𝐬 𝐑𝐞𝐬𝐨𝐥𝐮𝐭𝐢𝐨𝐧 𝐄𝐫𝐚𝐬𝐢𝐧𝐠 𝐈𝐑𝐒 𝐂𝐫𝐲𝐩𝐭𝐨 𝐑𝐮𝐥𝐞 𝐓𝐚𝐫𝐠𝐞𝐭𝐢𝐧𝐠 𝐃𝐞𝐅𝐢❗
President Trump signed a resolution, overturning an IRS rule that placed heavy reporting requirements on DeFi users. The rule was seen as stifling innovation and infringing on privacy. This move, celebrated by the crypto industry, forces the IRS to reconsider its approach to DeFi regulation, signaling a potential shift towards more industry-friendly policies.
Source:Coindesk#TRUMP #IRS #defi #BinanceSafetyInsights #VoteToListOnBinance
President Trump signed a resolution, overturning an IRS rule that placed heavy reporting requirements on DeFi users. The rule was seen as stifling innovation and infringing on privacy. This move, celebrated by the crypto industry, forces the IRS to reconsider its approach to DeFi regulation, signaling a potential shift towards more industry-friendly policies.
Source:Coindesk#TRUMP #IRS #defi #BinanceSafetyInsights #VoteToListOnBinance
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U.S. Senate Reverses Controversial Crypto Tax Regulation – What Future for DeFi?
The U.S. Senate has just voted to repeal the controversial cryptocurrency tax regulation of the Internal Revenue Service (IRS), marking a significant victory for the administration of President Donald Trump and the crypto industry. With a result of 70 votes in favor and 27 against, this resolution is awaiting approval from the House of Representatives before being sent to Trump for signing into law.
What Does This Resolution Mean?
What Does This Resolution Mean?
🚨 BREAKING NEWS 🚨
Elon Musk has sparked a fresh wave of curiosity and debate by posing a thought-provoking question: Should the Department of Government Efficiency (DOGE) conduct an audit of the IRS? 💡💼
This bold suggestion not only highlights Musk's signature wit and love for wordplay (DOGE, anyone? 🐕) but also raises important questions about government accountability and transparency. Could this be a call to streamline bureaucratic processes and ensure taxpayer dollars are used more effectively? 🤔💰
As always, Musk's tweet has ignited conversations across social media, blending humor with a serious undertone. What do you think—should DOGE step in to sniff out inefficiencies? 🐾📊
#ElonMusk #DOGE #IRS #GovernmentEfficiency #Transparency #Audit #TaxReform 🚀✨
$DOGE
Elon Musk has sparked a fresh wave of curiosity and debate by posing a thought-provoking question: Should the Department of Government Efficiency (DOGE) conduct an audit of the IRS? 💡💼
This bold suggestion not only highlights Musk's signature wit and love for wordplay (DOGE, anyone? 🐕) but also raises important questions about government accountability and transparency. Could this be a call to streamline bureaucratic processes and ensure taxpayer dollars are used more effectively? 🤔💰
As always, Musk's tweet has ignited conversations across social media, blending humor with a serious undertone. What do you think—should DOGE step in to sniff out inefficiencies? 🐾📊
#ElonMusk #DOGE #IRS #GovernmentEfficiency #Transparency #Audit #TaxReform 🚀✨
$DOGE
See original
🟡 NFT trader faces criminal charges — $13M profit from CryptoPunks hidden from tax authorities
• American Waylon Wilcox pleaded guilty to concealing nearly $13 million in profits from NFT transactions from the CryptoPunks collection
• In 2021-2022, he understated his income by millions — in 2021 he sold 62 NFTs for a profit of $7.4 million, and in 2022 another 35 for $4.9 million
• When filing tax returns, he claimed that he had not conducted digital asset transactions — which turned out to be a lie
• He now faces up to 6 years in prison, a hefty fine, and supervision after release
• This is one of the first major cases where the IRS and U.S. prosecutors are targeting NFT speculators
🟡 For the cryptocurrency market as a whole — a signal that the IRS is tightening control, especially against the backdrop of new rules for DeFi and CEX, effective from 2024
📢 Stop chasing the market — start outpacing it 💼
#bitcoin #crypto #NFT #CryptoPunks #IRS
• American Waylon Wilcox pleaded guilty to concealing nearly $13 million in profits from NFT transactions from the CryptoPunks collection
• In 2021-2022, he understated his income by millions — in 2021 he sold 62 NFTs for a profit of $7.4 million, and in 2022 another 35 for $4.9 million
• When filing tax returns, he claimed that he had not conducted digital asset transactions — which turned out to be a lie
• He now faces up to 6 years in prison, a hefty fine, and supervision after release
• This is one of the first major cases where the IRS and U.S. prosecutors are targeting NFT speculators
🟡 For the cryptocurrency market as a whole — a signal that the IRS is tightening control, especially against the backdrop of new rules for DeFi and CEX, effective from 2024
📢 Stop chasing the market — start outpacing it 💼
#bitcoin #crypto #NFT #CryptoPunks #IRS
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