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The Internal Revenue Service (IRS) will reportedly begin thousands of layoffs of probationary employees as soon as next week. Amid President Donald Trump’s efforts to downsize the federal workforce, the IRS will significantly cut its numbers. The Office of Personnel Management, the federal government’s human resources department, ordered agencies across the government this week to terminate probationary employees, who are relatively new to their positions, sources told the New York Times Friday. An exact number of employees that will be cut remains unknown, but the NYT expects thousands to be affected. The move is a dramatic one as tax season nationwide kicks off soon. Hundreds of millions of tax returns and filings may see delays in processing if the layoffs go into effect. However, US Treasury Secretary Scott Bessent told reporters last week that these effects may not take effect until after the Spring, avoiding a tax season disaster. “So I don’t imagine anything’s going to go on at ...

In a recent development, the Internal Revenue Service (IRS) of the United States has declared a temporary suspension of the enforcement of reporting requirements concerning cryptocurrency transactions surpassing $10,000. This decision is a response to revisions made to the Infrastructure Investment and Jobs Act (IIJ Act) by the Treasury and the IRS. Despite the law coming into effect on Jan. 1, which mandated all U.S. businesses to report such transactions, the IRS has opted to postpone enforcement. This is until a comprehensive regulatory framework is put in place. Temporary Reprieve for U.S. Businesses This temporary relief for U.S. businesses entails that, at present, digital assets will not be taken into account. Particularly when determining if a transaction meets the $10,000 reporting threshold. The purpose of this enforcement pause is to allow businesses sufficient time to adjust to the new rules. This however is without exposing them to unintended legal consequences. The c...

The US Department of the Treasury and the Internal Revenue Service (IRS) have proposed new guidelines detailing the reporting duties of crypto brokers . The US Small Business Administration’s Office of Advocacy announced that the proposal concerning crypto currency regulations for brokers was unveiled on Aug. 29. Starting Jan. 1, 2025, digital asset brokers – encompassing trading platforms, payment processors, and specific hosted wallet providers – will be mandated to report the gross proceeds from all sales or exchanges of digital assets. The document refers to these entities as “digital asset middlemen” and stipulates that they will also be responsible for reporting the gains and losses realized during cryptocurrency transactions. This particular provision is slated to become effective from Jan. 1, 2026. The Federal Register, which circulated a document related to this proposal, anticipates that these regulations will foster “higher levels o...