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Internal Revenue Service Currency Exchange

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  
BakerHostetler

Kraken Loses Bid To Avoid Turning Over Customer Information to IRS

BakerHostetler on

In a recent ruling, a California federal judge held that Kraken, an online cryptocurrency exchange program, has to turn over user information to the IRS as a result of a John Doe summons originally served on Kraken in 2021....more

Freeman Law

IRS Wins Ex-Parte Petition for Another Crypto John Doe Summons

Freeman Law on

On September 21, 2022, the U.S. District Court for the Southern District of New York granted the IRS’s ex-parte motion for leave to serve a John Doe summons to M.Y. Safra Bank after the IRS’s investigation into digital asset...more

Gray Reed

IRS Continues to Hunt for Cryptocurrency Investors with John Doe Summonses

Gray Reed on

The IRS knows it has a problem, in that it knows there are far more cryptocurrency transactions than are being reported on tax returns. The IRS may also get an $80 billion increase in funding for enforcement that will help...more

Orrick - On the Chain

IRS Hints at Form 8938 Requirements for Reporting Crypto Assets Held at a Foreign Exchange

Orrick - On the Chain on

With the emergence of digital assets, the question has arisen whether digital assets held in “wallets” in foreign exchanges need to be reported on Internal Revenue Service (IRS) Form 8938, Statement of Specified Foreign...more

Polsinelli

BitBlog Weekly Summary: Digital Asset Regulations in New York State

Polsinelli on

This week saw two items of note in the regulation of digital assets and both came out of the state of New York. The Return of the Empire State - A New York State Supreme Court ruled that it has personal and subject...more

Hogan Lovells

IRS Renews Focus on Cryptocurrency-Related Offenses

Hogan Lovells on

The Internal Revenue Service (IRS) has signaled for years that it would eventually bring enforcement actions against individuals who failed to report cryptocurrency gains. It appears that “eventually” is over and that those...more

Foodman CPAs & Advisors

Should Law Firms accept Virtual Currency? Only if they immediately convert to USD!

Law Firms, like other businesses, want to be able to offer more services to more clients expanding; the scope of their reach. This might entail entering the world of Virtual Currency (VC) and accepting payments such as...more

Fox Rothschild LLP

Coinbase Notifies 13,000 Of Its Customers Of Upcoming Data Release To Internal Revenue Service

Fox Rothschild LLP on

On Friday, Coinbase, the largest U.S.-based Bitcoin exchange, notified approximately 13,000 of its customers that it would be turning over their account information to the Internal Revenue Service within 21 days. This...more

Robins Kaplan LLP

Your Daily Dose of Financial News

Robins Kaplan LLP on

NYSE owner Intercontinental Exchange is looking to do the as-yet inconceivable: bring some order to cryptocurrencies. The plan, announced yesterday, is to launch a data feed that pull info from cryptocurrency exchanges around...more

Ballard Spahr LLP

Court Enforces — Partially — IRS “John Doe” Summons Served on Virtual Currency Exchanger

Ballard Spahr LLP on

Last week, a federal magistrate judge in the Northern District of California granted in part and denied in part a motion by the IRS to enforce a “John Doe” summons served on Coinbase, Inc., which operates a virtual currency...more

BakerHostetler

Virtual Currency Guidelines

BakerHostetler on

Despite growing pains, digital currencies and blockchain may be the future of payments and global finance. As with any disruptive technology that gains popularity quickly, building the legal framework to support it is...more

McDermott Will & Emery

Currency Conversion Concerns: New York Issues Guidance on Virtual Currencies

McDermott Will & Emery on

On December 5, 2014, the New York Department of Taxation and Finance (Department) released TSB-M-14(5)C, (7)I, (17)S. This (relatively short) bulletin sets forth the treatment of convertible virtual currency for sales,...more

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