The first month of 2023 is coming to an end. Here we round up all the important news that happened in the US during the last week of the month. As you can see, we have news about digital currency taxes, legal payments in New York State, and advice from the White House itself.
IRS tax reminder
The 2022 tax deadline is approaching, and the Internal Revenue Service (IRS) is calling on the public to file. In addition, we emphasize that everyone must answer the questions related to: digital currency; regardless of whether or not you made any kind of deal with them.
The three tax forms — the 1040 Individual Tax Return, the 1040-SR Elderly Tax Return, and the 1040-NR Nonresident Alien Income Tax Return—all require: “At any point in 2022, (a) received (as a reward, reward or payment for property or services)? , or otherwise dispose of it?”
Anyone who receives, earns, or sells digital currency for financial gain must select “yes” and make appropriate financial disclosures. Lying on a tax return is a serious crime
White House on Digital Currencies
In September 2022, the White House released the first framework for digital asset development.
On January 27th, we released a roadmap for mitigating the risks associated with digital currencies. Triggered by FTX Collapse it’s no surprise the White House is calling for tougher measures.
The document points directly to the U.S. Congress to speed up the pace of regulation. It concentrated on two main elements.
- Strengthening enforcement and issuing new guidance.
- Develop a public awareness program to help educate the public about the risks associated with purchasing digital currency.
Recommendations include expanding regulatory powers, tightening disclosure requirements, increasing penalties for wrongdoing, and funding law enforcement.
In other words, the Biden administration wants to empower and fund regulators and law enforcement.
Laws should not allow institutions such as pension funds to dive headlong into the cryptocurrency market
As BTC Maxis and other speculators seek a means of potentially using people’s pensions to inflate their bags with new money entering the market, the U.S. government has taken a different approach. You seem to have it in mind.
New York Institutions Can Accept Digital Currencies
In another news, US states previously seen as hostile to the digital currency industry may be embracing it.
What type of payment? Anything collected by state agencies, such as fines, penalties, taxes, fees, or state payments. The bill does not mandate state institutions to accept digital currencies such as Bitcoin, BTC and Ethereum, but allows them to do so legally.
The bill has not yet been passed by the New York State Legislature or the Senate and must be approved by New York Governor Kathy Hochul. That said, this is a potentially important step towards making digital currency what it should be: electronic cash.
Interestingly, stablecoins such as USDC and Tether are not included, as the bill language defines “cryptocurrency” as “any form of digital currency that uses cryptographic technology to regulate monetary units.” may not be again, Tether is already banned from New York because of its criminal behavior, this is irrelevant either way.
Watch: Law & Order – Regulatory Compliance for Blockchain and Digital Assets
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