IRS

The Internal Revenue Service is the revenue service of the United States federal government. The government agency is a bureau of the Department of the Treasury, and is under the immediate direction of the Commissioner of Internal Revenue, who is appointed to a five-year term by the President of the United States.

Source: irs.gov

Treasury and IRS Propose New Reporting Rules for Digital Asset Sales

Treasury and IRS Propose New Reporting Rules for Digital Asset Sales
Treasury and IRS Propose New Reporting Rules for Digital Asset Sales
August 25, 2023  |  Cryptocurrency

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have proposed regulations that aim to “close the tax gap” in the sale and exchange of digital assets. These...

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IRS Reduces Unannounced Visits Due to Increased Security Concerns
IRS Reduces Unannounced Visits Due to Increased Security Concerns
July 24, 2023  |  Cybersecurity

Unannounced visits by IRS revenue officers will be replaced with mailed letters to schedule meetings, except in a few unique circumstances. Increased security concerns and the presence of scam...

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TaxBandits Launches Feature to Streamline Tax Preparation for US Businesses
TaxBandits Launches Feature to Streamline Tax Preparation for US Businesses
July 06, 2023  |  Taxes

Tax preparation service TaxBandits has rolled out an e-filing solution to streamline tax preparation for businesses in the U.S. The new solution will ensure that...

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Kraken Ordered to Turn Over Crypto Customer Info to IRS
Kraken Ordered to Turn Over Crypto Customer Info to IRS
July 02, 2023  |  Cryptocurrency

A federal judge has ordered cryptocurrency exchange Kraken to release customer information to the IRS. The Internal Revenue Service had asked for information to determine if Kraken’s customers...

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Accenture Wins Spot on IRS Modernization Program
Accenture Wins Spot on IRS Modernization Program
May 24, 2023  |  Taxes

Accenture Federal Services has won a position on an Internal Revenue Service (IRS) blanket purchase agreement with a ceiling value of $2.6 billion. The firm...

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IRS Targets FTX While US Chamber of Commerce Backs Coinbase
IRS Targets FTX While US Chamber of Commerce Backs Coinbase
May 12, 2023  |  Legal & Regulation

The taxmen are coming for the estate of Sam Bankman-Fried’s bankrupt FTX crypto exchange. And they want the collapsed firm and its affiliates to pay...

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IRS Rule Delay Means P2P, Gig Economy Platform Volumes Will Surge
IRS Rule Delay Means P2P, Gig Economy Platform Volumes Will Surge
January 11, 2023  |  Gig Economy

The new tax rules have been delayed — and nothing’s certain — so P2P will continue to be a gig economy mainstay. And amid the...

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IRS Cultivating Ties With Crypto Companies to Combat Fraud 
IRS Cultivating Ties With Crypto Companies to Combat Fraud 
January 03, 2023  |  Cryptocurrency

The Internal Revenue Service (IRS) is reinforcing its efforts to combat fraud in the cryptocurrency sector. The Wall Street Journal (WSJ) reported Tuesday (Jan. 3)...

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