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.
The Internal Revenue Service is rolling out a dedicated tax form for cryptocurrency transactions starting with the 2025 tax year. Known as Form 1099-DA, it aims to standardize reporting of digital asset proceeds from brokers. Taxpayers must still report all crypto income even without receiving the form.
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A new academic study by the IRS reveals that cryptocurrency sellers tend to be younger individuals with lower taxable incomes who file taxes themselves, potentially skewing enforcement efforts toward retail investors. The research points to the virtual currency checkbox on tax returns as a key factor boosting reporting among less sophisticated traders. Experts suggest this approach may overlook higher-income, more complex crypto activities, urging a more targeted compliance strategy.