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Crypto transactions over $10k must now be reported

The crackdown on crypto continues. As part of President Joe Biden’s 2021 Infrastructure Investment and Jobs ACT, the Internal Revenue Service (IRS) will start requiring that all cryptocurrency transactions over $10,000 be reported.

New tax reporting requirements demand businesses receiving over $10,000 in cryptocurrencies to promptly disclose transaction details, including the sender’s name, address, and Social Security number (SSN), alongside transaction amount, date, and nature.

You can read more on the matter here.

What’s going on?

• Epstein List: Clinton, Prince Andrew, “Spanish” President, And Other Prominent Names In The Released Deposition (theDeepDive)

• Greater Toronto home sales for December rise as board expects rebound in 2024 (BNN)

• Did Nikola’s Trevor Milton Lie About His Heritage To Get A Weaker Sentence? (theDeepDive)

• Black Americans would feel the sting of Republican budget cut proposals (Reuters)

• Mobileye shares plunge after chipmaker warns of order pullback (CNBC)

• New Study Reminds Us That ChatGPT Does Not Really Understand What You Want It To Do (theDeepDive)

• Amazon Captured 29% of Online Orders in Weeks Before Christmas (Bloomberg)

• Biden mocked for claiming he doesn't have the money to protect the border: 'Enforce the law!' (FOX)

• Canadian Military Faces Growing Challenges in the Face of Global Instability (theDeepDive)

• Nomura Will Lift Pay by 16% for Younger Brokerage Staffers (Bloomberg)

• A judge denies probation for a defendant, then gets violently attacked in court (CNN)

What’s the latest?

• Epstein Dump Begins: Hundreds of pages from a lawsuit related to Jeffrey Epstein, an accused sex trafficker, are being unsealed and reviewed by journalists globally. The documents stem from a 2015 lawsuit filed by Epstein's victim, Virginia Giuffre, against Epstein's former girlfriend Ghislaine Maxwell, who is currently serving a 20-year prison sentence. These documents include interviews with Epstein's victims and information about his associations with high-profile figures like former U.S. President Bill Clinton and Britain's Prince Andrew.

• Job Claims Down: The number of new unemployment claims in the U.S. dropped unexpectedly last week, indicating that the labor market remains relatively tight. The latest Labor Department report showed a reduction of 18,000 claims to a seasonally adjusted 202,000 for the week ending December 30, lower than the 216,000 forecasted by economists.

• Trump in Colorado: The U.S. Supreme Court may have to decide on former President Donald Trump's appeal of a Colorado ruling that bars him from the 2024 presidential ballot due to alleged actions related to the January 6 Capitol attack. This unprecedented legal situation arises from interpretations of the Fourteenth Amendment's disqualification clause.

• Teck Coal Sell Off: Teck Resources Ltd. has completed the sale of minority interests in its steelmaking coal business to Japan's Nippon Steel Corp. and South Korean steelmaker Posco. Nippon Steel acquired a 20% stake for a 2.5% interest in one of Teck's operations and US$1.7 billion in cash, while Posco obtained a 3% stake by swapping its interests in two of Teck's operations. This is part of a larger deal where Glencore will purchase a 77% stake for US$6.9 billion, expected to close in the third quarter of 2024.

• Cash for Keys: In Toronto, the occurrence of "cash for keys" offers, where landlords pay tenants to vacate units, is rising due to financial pressures like higher interest rates. These offers, more common in rent-controlled condos, vary widely, ranging from $2,000 to $30,000. Legal provisions in Ontario allow tenants to remain in their units unless they agree to leave, leading to increased instances of such negotiations, especially in 2023.

The truth behind corporations buying houses

The stock market and stuff

• Peloton Jumps on Partnership With TikTok for New Fitness Hub (Bloomberg)

• Is Barrick Gold Buying First Quantum Minerals? (theDeepDive)

• Carrefour pulls PepsiCo products over price hikes (Reuters)

• Is There A Coordinated Effort on Meta’s Threads To Discredit Apple Amid Privacy Shift? (theDeepDive)

• Chinese Miner Takes Glencore’s Cobalt Crown as Output Jumps 170% (Bloomberg)

• Walgreens stock plunges after drugstore chain slashes quarterly dividend nearly in half (CNBC)

In the juniors

• Wealth Minerals Reports After-Tax NPV(10%) Of US$1.15 Billion For Kuska Lithium Project (theDeepDive)

• Anfield Energy Secures A Majority Of Department Of Energy Leases In Colorado (theDeepDive)

• New Found Gold Adds 150,000 Metres To Ongoing Drill Program At Queensway (theDeepDive)

• Alaska Energy Metals Encounters 5.25% Nickel In Samples At Canwell (theDeepDive)

FULL DISCLOSURE: First Lithium Minerals is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of First Lithium Minerals. The author has been compensated to cover First Lithium Minerals on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.