Crypto Daily TV updates from January 30th, 2023:
IRS reminds taxpayers of crypto income reporting
As the deadline for filing the 2022 federal income tax return quickly approaches, the IRS has issued an urgent reminder for individuals dealing with cryptocurrencies. The agency has released a comprehensive list of reporting requirements for the general public, to ensure that all crypto holdings are accurately reported for tax purposes.
In a significant update, the IRS has now officially changed the terminology used in its reporting forms. The term “virtual currencies” has been replaced with “digital assets,” to reflect the evolving nature of the crypto industry. This change in terminology is in line with the growing recognition of cryptocurrencies as legitimate assets and reflects the growing mainstream adoption of digital currencies.
It is crucial that individuals who hold digital assets are aware of the reporting requirements and take the necessary steps to ensure that their crypto holdings are accurately reported for tax purposes. The IRS is committed to ensuring that all individuals comply with tax laws, and it is important to be aware of the updated reporting requirements for digital assets.
In conclusion, the IRS has issued an urgent reminder for individuals holding digital assets to ensure that they accurately report their crypto holdings for tax purposes. The agency’s updated reporting requirements reflect the growing recognition of cryptocurrencies as legitimate assets and the importance of ensuring compliance with tax laws.
Sam Bankman-Fried seeks right to transfer FTX’s crypto
FTX Executive Seeks Access to Assets, Crypto Held by Former Company Despite Criminal Charges
Lawyers representing Sam Bankman-Fried, a former executive at FTX, have argued that their client should be granted access to assets and cryptocurrencies held by his former company. Despite facing charges of wire fraud and money laundering, the lawyers claim that there is no evidence linking Bankman-Fried to any previously alleged unauthorized transactions.
Bankman-Fried is currently out on bail, having pleaded not guilty to the charges against him. The legal battle over access to the assets and crypto in question highlights the complex and often contentious nature of cryptocurrency and its intersection with the criminal justice system.
Despite facing serious criminal charges, Bankman-Fried is seeking access to assets and crypto held by his former company, FTX. The legal battle sheds light on the complex and often contentious nature of the crypto industry and raises important questions about the balance between personal rights and the public interest in criminal investigations involving cryptocurrencies.
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TIMESTAMPS:
0:00 Introduction
0:16 BTC/USD
0:25 ETH/USD
0:32 XRP/USD
0:39 LTC/USD
0:46 South Korea plans to introduce crypto-tracking system
1:11 IRS reminds taxpayers of crypto income reporting
1:31 Sam Bankman-Fried seeks right to transfer FTX’s crypto
1:51 Thank you for watching
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