Category: IRS

Crypto Retirement: US Investment Firm Launches Employer-Sponsored Bitcoin 401(k) Plan

Crypto Retirement: US Investment Firm Launches Employer-Sponsored Bitcoin 401(k) Plan

The U.S.-based company Digital Asset Investment Management (Daim) has announced the launch of a company-sponsored 401(k) retirement plan that allocates up to 10% in bitcoin. The plan is an ERISA compliant employer-sponsored 401(k) and assets are held in institutional-grade cold storage by leveraging the custodian Gemini Trust. During the last few years, investors have been […]

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The IRS is weighing different approaches to crypto taxation, says Treasury official

The IRS is weighing different approaches to crypto taxation, says Treasury official

The U.S. Internal Revenue Service is assessing different approaches to rules on cryptocurrency taxation, a government official said during an event on Thursday. Erika Nijenhuis, who serves as senior counsel for the Treasury Department’s Office of Tax Policy, said during a blockchain-focused OECD event that “[t]here are trade-offs among all of them and we are […]

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Former Microsoft employee sentenced in what IRS calls ‘first Bitcoin case’ involving false tax return

Former Microsoft employee sentenced in what IRS calls ‘first Bitcoin case’ involving false tax return

A former product tester for Microsoft has been sentenced to more than nine years in prison after being convicted of defrauding the tech giant and using bitcoin as a means to hide the funds he obtained. Volodymyr Kvashuk’s actions were first laid out in a July 2019 criminal complaint that was filed in the U.S. District […]

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US Congressmen Want IRS to Balance Taxation and Innovation in the Cryptocurrency Space

US Congressmen Want IRS to Balance Taxation and Innovation in the Cryptocurrency Space

A bipartisan quartet of US congressmen wants the IRS taxation policy not to dissuade taxpayers from participating in blockchain token staking.These politicians believe America’s ingenuity can help drive this promising staking technology.The four congressmen are Bill Foster (D) of Illinois, Darren Soto (D) of Florida, Tom Emmer (R) of Minnesota, and David Schweikert (R) of […]

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