Unlike stocks, digital currencies aren't hit by the wash-sale rule — a major opportunity to turn lemons into lemonade.

The European Union proposed new rules to combat tax fraud and evasion in the crypto sector by requiring all digital asset service providers to report transactions involving customers residing in the bloc.

The Institute of Internal Auditors sent a letter to lawmakers urging them to set new requirements for crypto exchanges in the U.S.

In the wake of the meltdown of FTX, the digital-asset exchange wants to reassure investors and stakeholders.

The GAO recommended that the Treasury Department's Financial Crimes Enforcement Network and the IRS should review registration requirements for the machines.

Prager Metis CPAs LLC, an auditor for FTX, was sued by an investor, who also sued Armanino LLP, an auditor for FTX US, FTX's co-founder Sam Bankman-Fried and others.

Roughly 2.3 million U.S. taxpayers told the Internal Revenue Service they traded cryptocurrencies in 2020, data from the agency show.

Sam Bankman-Fried's failed FTX empire filed for bankruptcy on Nov. 11, potentially creating more than a million creditors and convulsing crypto.

When market investors suffer losses — or get taken for a ride — they're often eligible for a tax write-off to soften the blow. Users of the bankrupt crypto exchange FTX won't be so lucky.

"Everyone thinks accounting and auditing is boring — until something like this happens," said Global Digital Asset & Cryptocurrency Association CEO Gabriella Kusz.