IRS
Government shutdown reaches second week with IRS furloughs
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The U.S. government shutdown entered its second week on October 8, 2025, as Senate Democrats blocked Republicans' sixth attempt to pass a temporary funding bill. Nearly 34,000 IRS employees face furloughs, while essential operations continue amid a standoff over Obamacare subsidies. Political tensions escalated with heated confrontations on Capitol Hill and threats from the Trump administration over back pay for federal workers.
Cryptocurrency exchange Coinbase has warned that new U.S. tax reporting requirements for digital assets impose unnecessary burdens on retail users and clutter the tax system. The company's tax experts highlighted issues with the IRS's Form 1099-DA, which reports gross proceeds from crypto transactions starting in 2025. They argue that including small transactions, stablecoins, and gas fees leads to over-reporting without real tax implications.
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A poll of 1,000 American crypto investors reveals that over half are scared of facing IRS penalties due to new automatic reporting requirements for digital asset transactions. Crypto tax platform Awaken Tax conducted the survey at the end of January, highlighting concerns over the shift from self-disclosure to mandatory disclosures by exchanges. The rules, effective for 2025 transactions, aim to curb tax evasion but have sparked confusion among users.
A 55-year-old individual who hasn't filed taxes in 20 years is concerned about potential liabilities, especially with $1 million in cryptocurrency assets and an impending layoff. The situation highlights risks of long-term tax non-compliance in the U.S. Financial experts advise immediate action to mitigate penalties.
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A man's brother-in-law had a $19,000 truck loan written off after job loss, but the IRS treated the forgiven amount as taxable income, resulting in a $3,300 tax bill. The family views this as unfair, prompting questions about debt forgiveness rules. Financial experts explain the IRS policy and potential exceptions.