Articles for tag: Cryptocurrency, Digital Assets, Investment Strategies, IRS, tax compliance, Tax Guidance, Tax Reporting

February 13, 2025

IRS Cryptocurrency Reporting: New Guidance Complicates Rules but Offers Temporary Safe Harbor for Taxpayers

Cryptocurrency has become increasingly popular in the U.S. as an investment and transaction method. As its use grows, the IRS has introduced complex reporting requirements for taxpayers. Recent guidelines, such as Revenue Procedure 2024-28 and Notice 2025-7, clarify the responsibilities for cryptocurrency owners, detailing how these digital assets are taxed and reported. Cryptocurrencies are treated ...

January 25, 2025

Market News

Crypto

MicroStrategy’s $19.3 Billion Bitcoin Gains: Impending Tax Liabilities Explained and Their Impact on the Company’s Future

MicroStrategy, led by CEO Michael Saylor, may face hefty tax liabilities related to its $19.3 billion in unrealized Bitcoin gains. The company holds over 450,000 BTC, worth more than $48 billion, including a recent $243 million purchase of Bitcoin at lower prices. Due to the 2022 Inflation Reduction Act, MicroStrategy could be subject to a ...

December 18, 2024

Market News

Crypto

The Significant Billion-Dollar Impact of IRS Criminal Investigation Reports by Allen Barron, Inc.

The IRS Criminal Investigation Division has released its Fiscal Year 2024 report, revealing significant focus on financial crimes, particularly involving cryptocurrency. Notably, a U.S. taxpayer has pled guilty to tax evasion related to crypto sales, and Binance, the largest cryptocurrency exchange, has entered a historic $4 billion settlement for failing to prevent money laundering. The ...

December 18, 2024

Market News

Crypto

IRS Criminal Investigation Reports: Understanding Their Billion Dollar Impact on Financial Crimes | Allen Barron, Inc.

The IRS Criminal Investigation division released its Fiscal Year 2024 report, highlighting recent efforts against tax evasion and financial crimes, especially in the cryptocurrency sector. Among significant developments, a U.S. taxpayer has pleaded guilty to tax evasion linked to cryptocurrency, and Binance Holdings settled a major case for $4 billion. The IRS has also initiated ...

April 15, 2024

Market News

What Happens If You File Taxes After April 15? Understanding Penalties, Interest, and More

Tax season can be a stressful time for many Americans, and with the deadline for filing taxes in the US being April 15, it’s essential to ensure that your taxes are filed on time to avoid penalties and other financial consequences. If you miss the deadline, you may face a failure-to-file penalty, late payment penalties, ...