Tagged: taxes

October 9, 2019 @ 12:32 pm By JD Alois  |  

The US Internal Revenue Service (IRS) has issued guidance today for “taxpayers who engage in transactions involving virtual currency.” Expanding on guidance from 2014, the IRS is issuing additional guidance to help taxpayers better understand their reporting obligations for specific transactions involving virtual currency. The… Read More

October 3, 2019 @ 4:36 pm By Cali Haan  |  

Robert Sprague, appointed as Ohio’s new Treasurer in January, has announced the suspension of OhioCrypto.com, the state’s cryptocurrency tax payments portal. The decision was reportedly made following standard due diligence reviews conducted by staff when Sprague took over from his predecessor, Josh Mandel. Mandel authorized… Read More

September 22, 2019 @ 9:57 pm By JD Alois  |  

Several weeks ago, Crowdfund Insider reported on letters being mailed by the US Internal Revenue Service (IRS) to individuals regarding possible taxes owed on crypto trading gains. These “CP2000” letters are largely driven by mandatory reporting from cryptocurrency exchanges. As CI has been told, many of… Read More

September 20, 2019 @ 11:24 am By Omar Faridi  |  

India has slashed its corporate tax rates in order to encourage companies to make investments and help grow the nation’s struggling economy. Indian finance minister Nirmala Sitharaman noted that the base corporate tax rate would be reduced from 30% to 22%.  Shortly after the announcement,… Read More

August 15, 2019 @ 3:45 pm By JD Alois  |  

Singapore has emerged as an Asian hub of crypto innovation. The southeast Asian country has always been Fintech friendly as policymaker has sought to establish a jurisdiction of financial innovation. Published last month, the Inland Revenue Authority of Singapore proposed an approach to crypto that… Read More

August 7, 2019 @ 3:55 am By Cali Haan  |  

A source to Coindesk is claiming that Britain’s tax authority, HM Revenue & Customs, has sent letters to three cryptocurrency exchanges requesting access to the trading records of British customers served by the platforms. According to the source, Coinbase, eToro, and CEX.IO have all received… Read More

June 6, 2019 @ 11:36 pm By Cali Haan  |  

Tax officials from Australia, the US, Britain, the Netherlands, and Canada have formed a “J5” collaborative group now investigating 60 “lines of inquiry” regarding international tax evasion using cryptocurrencies, The Sydney Morning Herald (SMH) reports. “The J5 was formed a year ago because of growing concern… Read More

May 1, 2019 @ 7:33 am By Cali Haan  |  

The Australian Taxation Office (ATO) has announced it is collecting, “bulk records from Australian cryptocurrency designated service providers (DSPs) as part of a data matching program to ensure people trading in cryptocurrency are paying the right amount of tax.” Data pertaining to the sale and… Read More

April 30, 2019 @ 11:53 am By Samantha Hurst  |  

Global blockchain payments provider BitPay announced on Tuesday it has teamed up with Refundo, a provider of tax-related financial products, to offer federal and state income tax refunds in Bitcoin. While sharing more details about the partnership, Rolf Haag, Head of Business Solutions at BitPay, stated:… Read More

April 26, 2019 @ 7:22 am By Cali Haan  |  

Twenty-one American Members of Congress have signed a strongly-worded letter “urg(ing)” the Internal Revenue Service (IRS), “to issue needed guidance on the tax consequences and basic reporting requirements for taxpayers that use virtual currencies,” in the United States. The letter is signed by Darren Soto… Read More

April 10, 2019 @ 10:49 am By Cali Haan  |  

Careful record-keeping is essential for users and traders of cryptocurrencies and digital tokens. This is the main takeaway from an informational article published recently by digital security-token (DSO) issuance platform Securitize. Digital securities offerings (DSOs) are also commonly referred to as security tokens offerings (STOs) in… Read More

March 8, 2019 @ 9:02 am By Cali Haan  |  

The Canada Revenue Agency (CRA) has confirmed with Forbes that it is actively auditing over 60 cryptocurrency users/traders considered “highest risk files.” The media outlet also claims that “multiple sources” have confirmed they are the subject of the audits, which involve having to fill out… Read More

January 20, 2019 @ 12:00 pm By Cali Haan  |  

“Due to the boom that the commercialization of these assets,” profits from the sale and trading of bitcoins and other cryptocurrencies are now taxable in Chile, Diario Bitcoin reports. Chilean tax authorities have added a special provision to tax form 22, a deliberately vague, catch-all… Read More

January 17, 2019 @ 10:08 pm By Cali Haan  |  

A survey conducted by the credit score provider Credit Karma of 1009 US adult Bitcoin investors has determined Americans investors may have incurred $1.7 billion in collective realized losses from Bitcoin speculation- about $718 USD each. The survey also determined an additional $5.7 billion in… Read More

January 14, 2019 @ 8:14 pm By JD Alois  |  

The Danish Tax Agency has been authorized to obtain information on trading in cryptocurrencies via three separate crypto exchanges operating in Denmark. This will mark the first time the information is being made available to the tax authorities which seek to review trading data on crypto beginning on January 1, 2016, up to December 31, 2018. Skattestyrelsen har fået tilladelse… Read More

January 14, 2019 @ 4:15 pm By Cali Haan  |  

The Bulgarian National Revenue Agency (NRA) is launching a series of “control actions” to inspect nine cryptocurrency exchanges operating in the region, Novinite reports. The inspections are being conducted in order to ensure that clients and the companies themselves are complying with local tax requirements…. Read More

December 12, 2018 @ 9:02 pm By Cali Haan  |  

A Danish lawyer and “Bitcoin expert,” Payam Samarghandi, has claimed that Denmark’s Bitcoin and crypto traders have been confused by grey tax regulations, which may have put them at risk of future tax penalties: “There are several of them that the tax authorities have contacted now… Read More

December 9, 2018 @ 1:49 pm By Cali Haan  |  

Over the past two weeks, the Israel Tax Authority has opened tax accounts for hundreds of Israelis it believes failed to report profits from cryptocurrency investing, Calcalist reports. The authority is also striking deals with Israeli crypto exchanges obliging them to report big transactions. Notices… Read More

November 26, 2018 @ 3:56 pm By JD Alois  |  

Today, Bitcoin is the most widely recognized and accepted crypto on the planet. While you can do a lot of things with BTC, there is one thing you cannot do: pay your taxes. That is until today. Starting this week, OhioCrypto has been launched by… Read More

November 25, 2018 @ 5:31 pm By Therese Torris  |  

While the price of bitcoin and most cryptocurrencies is experiencing one of its frequents crashes, the French government and the French regulators are steadfastly working hand in hand to make France a cryptoasset-friendly country. After tackling the issue of initial coin offering (ICO) regulation and… Read More