Senator Elizabeth Warren has written to Intuit, the company behind TurboTax, accusing them of selling programs that “scam American taxpayers into paying for services that should be free.”
The letter comes as the Internal Revenue Service (IRS) steps up scrutiny of crypto taxes as the tax-filing season gets underway.
Senator Warren wrote to Sasan K. Goodarzi, the company’s CEO, alleging that the company’s “ongoing trend of recruiting former regulators to defend TurboTax products” is a scam.
She also cited a complaint filed with the Federal Trade Commission (FTC) alleging that the company was deceptively advertising phony tax-free preparation services. Jon Leibowitz, a former FTC Commissioner, has previously worked as outside counsel for Intuit.
Senator Warren responded by raising concerns about how Intuit has utilized former government officials to “defend and preserve its unethical and potentially criminal actions that have cost American taxpayers billions of dollars.”
Senator Warren’s position on bitcoin and the cryptocurrency industry has recently been in the headlines. Senator Ted Cruz chastised Warren, as well as Canadian Prime Minister Justin Trudeau and China, for their opposition to bitcoin.
Senator Cruz expressed his support for bitcoin and cryptocurrency and attacked attempts to regulate the market.
As market use develops and crypto becomes mainstream, governments are increasingly focused on guaranteeing tax compliance. Cryptocurrency is heavily taxed in some countries, such as India.
This time around, the IRS in the United States is paying more attention to cryptocurrencies and non-traditional financial instruments (NFTs). Individuals must now record the acquisition and sale of assets on their tax forms.
Retail investors can now participate in cryptocurrency trading thanks to the spread of apps like Robinhood. As a result, both the value and number of investments are increasing, and these investors are less familiar with the prospective tax liabilities.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Annie
CoinCu News
LayerZero sybil airdrop farmers offered a 15% allocation incentive; non-compliance results in an 85% reduction.
New MakerDAO tokens, NewStable and NewGovToken, were introduced to improve stability and governance.
Grand Cayman, Cayman Islands, May 3rd, 2024, ChainwireProtocol launches, growth trajectory, and industry-leading technology point…
Bitcoin and Ethereum options contracts worth $2.4bn expire on May 3, potentially causing market volatility.…
The integration helps users with a $10 USDC reward for purchasing at least $10 of…
11 people lost property worth NT$4.34m in a Singapore crypto poker robbery, including $3.58m SGD…
This website uses cookies.