Blockchain
IRS Finalizes Crypto Reporting Rules Amid Industry Backlash
The IRS finalized its new crypto broker reporting requirements on June 28, clarifying the affected industry participants and addressing widespread concerns. Notably, decentralized exchanges and self-custody wallets, crucial elements of the crypto ecosystem, were excluded from these rules. The IRS explained this exemption, recognizing the complexities of fully decentralized networks after reviewing extensive feedback.
However, the new regulations do encompass stablecoins and tokenized real-world assets, treating them the same as other digital assets. This decision highlights the IRS’s dedication to improving tax compliance across all sectors of the digital asset landscape. IRS Commissioner Danny Werfel emphasized the importance of these measures in preventing potential tax evasion through digital assets, stating, “We need to make sure digital assets are not used to hide taxable income, and these final regulations will improve detection of noncompliance in the high-risk space of digital assets. Our research and experience demonstrate that third-party reporting improves compliance.”
This approach aligns with previous warnings from IRS criminal investigation chief Guy Ficco, who anticipated increased crypto tax evasion in the upcoming 2024 tax season. The IRS’s stance has sparked strong opposition from industry advocacy groups like The Blockchain Association and The Chamber of Digital Commerce. These organizations have long argued against the applicability of the IRS’s broker reporting rules to decentralized finance networks, citing significant compliance costs.
In 2023, The Blockchain Association objected to the IRS’s proposals, pointing out fundamental discrepancies between the regulations and the operational realities of decentralized systems. Recently, the association reiterated concerns over regulatory overreach and projected an annual compliance cost of $256 billion, arguing that the rules violated the Paperwork Reduction Act. The Chamber of Digital Commerce echoed these concerns, particularly regarding potential privacy infringements due to the extensive documentation requirements, including the filing of billions of 1099-DA tax forms.
In summary, while the IRS has exempted certain decentralized entities from its new reporting rules, its comprehensive approach to digital asset taxation faces significant resistance from industry stakeholders, who claim these regulations impose undue burdens and threaten privacy rights.
Source: cryptodaily.co.uk
The post IRS Finalizes Crypto Reporting Rules Amid Industry Backlash appeared first on HIPTHER Alerts.
Finfare Connect, a market-leading rewards platform empowering businesses to engage and retain customers through personalized offers, has announced an innovative collaboration with ZBD, a leading payments company at the forefront of digital economies.
Finfare Connect is a part of Finfare Inc., a thriving fintech company with offices in Irvine, California and London.
Through this strategic alliance, Finfare will provide ZBD users with access to affiliate, card-linked, and instant cashback offers, enabling them to earn Bitcoin through everyday purchases, above and beyond those already earned via the ZBD app.
Beginning today, ZBD users will have the option to link their payment card or multiple payment accounts to start automatically earning rewards while shopping online or at in-person stores. Card linking involves connecting a single payment card, while account linking occurs when a user connects multiple bank accounts to earn highly customized rewards.
In terms of rewards, ZBD users who sign up for the program will have access to offers from thousands of well-known brands such as Nike, Adidas, Asics, Crocs, Tommy Hilfiger, Urban Outfitters, Cole Haan, Steve Madden; and popular retailers such as Nordstrom, Brookstone and Best Buy, among many others.
ZBD’s innovative app immerses users in a world of games and apps, allowing them to earn Bitcoin while enjoying diverse entertainment experiences.
Now, US-based ZBD users will be able to seamlessly earn Bitcoin through their everyday purchases simply by linking their payment accounts via the ZBD app. Then, they will automatically earn Bitcoin whenever they purchase an item that’s promoted by FinFare.
“We are thrilled to launch this exciting offering with ZBD,” said Alan Zrado, Executive Vice President, Finfare Connect. “Through this alliance, we are enhancing the way ZBD users engage with digital payments, offering them unparalleled opportunities to earn Bitcoin through their everyday transactions. This partnership also underscores our commitment to empowering businesses by providing their customers with compelling, customized, and valued rewards.”
“We are excited to join forces with Finfare Connect to give ZBD users greater value by giving them more ways to easily earn Bitcoin rewards,” said Ben Cousens, Chief Strategy Officer of ZBD. “By combining Finfare Connect’s expertise in personalized offers with ZBD’s cutting-edge payments technology, we are providing our users with a great way to earn Bitcoin by shopping as they normally would anyway.”
The post ZBD and Finfare partner to offer gamers cash rewards for their everyday purchases! appeared first on HIPTHER Alerts.
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