Tagged: taxes

TaxBit Partners with Latin American Crypto Platform Ripio

The evolving ecosystem of digital assets presents various challenges for businesses striving to maintain compliance and transparency in their financial reporting. This, according to an update from TaxBit. As cryptocurrencies and blockchain-based assets become integral to global finance, the need for robust, audit-ready accounting solutions… Read More

Tax Scams Surging; Reports Up 62% in 2025: Kaplan Group Report

Post-pandemic economic strain and increased digitization are two reasons behind a years-long surge in tax scams, a new report from the Kaplan Group suggests. The Kaplan Group analyzed 1,384 tax scam reports submitted to the Better Business Bureau. So far this year, tax scams have… Read More

TaxBit Shares Insights on IRS Extending Transition Relief for Digital Assets Broker Backup Withholding, Bitcoin and Lightning Network Transacitons

The digital asset ecosystem continues to evolve, driven by technological advancements and shifting regulatory frameworks. Recent updates from the IRS and insights from Taxbit and other industry professionals highlight significant developments in digital asset broker reporting and the growing potential of Bitcoin as a global… Read More

UK Considering Backtrack on Non Dom Taxes as Wealthy Flee, Tax Revenue Declines

The Laffer Curve is alive and well. The economic theory is based on the fact that if people are taxed too much, they will eventually vote with their feet, thereby reducing the tax revenue that policymakers anticipated when raising taxes. It has been widely reported… Read More

OECD’s Crypto-Asset Reporting Framework (CARF) and the EU’s DAC8 Directive to Focus on Tax Transparency

As the digital asset landscape evolves, so too does the global regulatory framework governing it. Starting January 1, 2026, the OECD’s Crypto-Asset Reporting Framework (CARF) and the EU’s DAC8 directive will usher in a new era of tax transparency for digital asset platforms. These regulations,… Read More

Majority of Australians Reportedly Fear Making Mistakes on Filing Tax Return

Xero, the global small business platform, has released new research¹ revealing many Australians are heading into this end of financial year (EOFY) period concerned and confused about key tax rules. The Xero Tax Confidence Index survey of more than 1,000 Australians found that “more than… Read More

Xero and Tallyfor to Streamline Tax Preparation for US Firms

Xero, the global small business platform, announced an integration with Tallyfor, the modern platform for business tax engagements, to deliver a solution designed to streamline tax preparation and boost efficiency for accounting firms. Accounting firms today face “capacity shortages, recruitment and retention difficulties, and the… Read More

New UK Crypto Tax Rules Effective 2026: What Firms Must Do to Comply with HMRC, CARF

Starting January 1, 2026, the UK will implement stringent new tax regulations for cryptocurrency firms under the Organization for Economic Co-operation and Development’s (OECD) Crypto-Asset Reporting Framework (CARF). These rules, enforced by His Majesty’s Revenue and Customs (HMRC), aim to enhance tax transparency, curb tax… Read More

Small Business and Entrepreneurship Council Anticipates Pro-Growth Tax Legislation

While there has been chatter that some Republicans may look for tax increases, the Small Business and Entrepreneurship Council (SBE Council) expects a pro-growth tax bill to be signed into law. Earlier this month, the SBE Council joined dozens of other pro-business groups telling Congress… Read More

Clear Junction CEO Comments on Capital Gain Tax Increase

After setting an increase in capital gains taxes designed to fill a budget hole, the UK government has adjusted its expectations for an increase in tax revenue, dropping the amount by a whopping £23 billion. Rates are changing, going from 10% to 18% for lower… Read More

UK Savings Research : Nearly a Quarter of Consumers Think All Savings are Tax Free

Research from Lloyds has found nearly a quarter (24%) of UK adults think all their savings are tax free, regardless of the type of account and amount saved. Every tax year, people can save and invest up to “£20,000 tax-free, as long as the money… Read More

TaxGPT Reports New Funding to Develop AI Tax Co-Pilot for Accounting and Tax Firms

TaxGPT, the AI tax co-pilot for accounting and tax firms, announced it raised $4.6M in funding. The company is reportedly backed by the following: Rebel Fund, Mangusta Capital, Y Combinator, Launch, iSeed Ventures, Converge Fund, TRAC AI/VC Unicorn Fund, Goodwater Genesis, CRV Disrupt Fund, Principal… Read More

Landmark Case Sets Precedent for Crypto-Related Tax Fraud Investigations – Chainalysis Report

A recent case involving Frank Richard Ahlgren III, a Texas resident, has marked a significant milestone in the realm of cryptocurrency taxation, according to an update from Chainalysis. Chainalysis noted in a report that in December 2024, Ahlgren was sentenced to two years in prison… Read More

Perspective: President Trump Ends Effort to Create a Global Corporate Tax, a Smart Move for the Country

President Donald Trump sent a memorandum to the incoming Secretary of the Treasury announcing the end of the Global Tax initiative established under the Biden Administration. There are many reasons why the Global Tax was a bad deal to begin with, and Trump’s action is… Read More

As Predicted, Wealthy Flee the UK Due to Higher Taxes, Labour Expected to Reverse Non-Dom Assault

The wealthy are easy targets for simple minds. The mantra of “paying their fair share” plays to the masses who want someone else to foot the bill for government services. The same wealthy tend to invest and spend, supporting businesses both old and new. Yet,… Read More

Consumer Fintech Chime Offers In-App Tax Filing

Chime announced that members can now file taxes for “free” directly from the company’s Fintech app in order to simplify tax season. Following a pilot program in 2024, this in-app feature is reportedly available for new and existing Chime members and offers a streamlined “e-filing… Read More

IRS Pauses Crypto Cost-Basis Reporting Rules [u]

Several days ago, the US Internal Revenue Service (IRS) issued a statement providing temporary relief on crypto cost-basis reporting rules. While a good thing for digital asset investors, the change is only until December 31, 2025. There has been much jostling between policymakers as to… Read More

42% with UK Financial Ties are Looking to Get Assets Out of Britain: Report

DeVere Group is distributing a release that claims that 42% with UK financial ties want out of Britain. This follows the recent Labour budget, which aims to increase taxes on various aspects including capital gains. While DeVere did not distribute the complete survey and its… Read More

Here are the New IRS Rules for Digital Assets and “Brokers,” Treatment of DeFi

IRS Internal Revenue Service

The Internal Revenue Service (IRS) has posted final regulations regarding information reporting by brokers who affect transactions of digital assets. These regulations become effective on February 28, 2025. Last week, a bipartisan group of US House of Representatives members forwarded a letter to the US… Read More

Taxbit Explains How IRS Update Streamlines Compliance for Digital Asset Brokers

IRS Internal Revenue Service

Taxbit noted that the IRS has released an updated draft, but “likely final,” version of Form 1099-DA. According to the update shared by Taxbit, the revised form includes one primary update to the prior draft released earlier this year that “aims to streamline compliance for… Read More

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