For two years, the cryptocurrency world has been waiting to see how theInternal Revenue Service (IRS)would implement the Infrastructure Investment and Jobs Act. Put simply, this law established new reporting requirements that risked setting a de facto ban on cryptocurrency mining and exposing millions...
Crypto Biz: The Year of Bitcoin Dec 27, 2024 byAna Paula Pereira This week’s Crypto Biz explores Bitcoin’s landmark year, Crypto.com’s new custody service, Russia’s partial ban on crypto mining and taxes on staking rewards in the US. ...
The IRS is expanding its crypto tax reporting requirements. A new draft of Form 1040 says that digital assets will be “treated as a digital asset for federal income tax purposes.” This year’s document explicitly includes non-fungible tokens (NFTs), cryptocurrencies, and stablecoins in the c...