Tagged: taxes

Australian Tax Authority Will Compel Crypto Trading Platforms to Hand Over Users Records- Accurate Reporting Advised

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

BitPay Teams Up With Refundo for Federal & State Income Tax Refunds in Bitcoin

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

US Politicians Urge IRS to Clarify Aspects of Crypto Taxation

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

It’s Crypto Tax Season. Careful Records Needed

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

Canada Revenue Agency Auditing Over 60 Cryptocurrency Users Considered “Highest Risk Files”

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

Cryptocurrency Gains Officially Taxable in Chile

“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

Survey: American Investors Lost $1.7 Billion on Bitcoin, Many Don’t Know Rules or Value of Tax Reporting

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

Denmark: Tax Agency to Require Danish Crypto Exchanges to Provide Customer Details on Trading

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

Bulgarian Tax Officials Scrutinizing Local Crypto Exchanges and Their Users for Tax Compliance

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

Denmark Argues Crypto Traders’ Tax Obligations Clear

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

Israel Tax Authority Hunting Undeclared Crypto Profits

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

Ohio is the Only State Where You Can Pay Your Taxes in Bitcoin

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

France to Change the Tax Regime for Cryptoasset Gains

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

KPMG & Crypto Exchange Independent Reserve Launch Crypto Tax Estimator

KPMG Australia and Independent Reserve have joined to manage a pressing issue: taxes for cryptocurrency transactions. The two companies have partnered on a new “Crypto Tax Estimator.” Founded in 2013, Independent Reserve is said to be the largest cryptocurrency exchange in Australia. The crypto exchange… Read More

Spain Passes New Tax Laws Requiring Disclosure of Crypto Transactions and Holdings

As part of its efforts to capture tax dollars and curtail fraud and tax amnesties, the government of Spain has passed new anti-fraud laws requiring the mandatory declaration of cryptocurrency holdings and the documentation of all “operations” involving them, ABC Economy reports. Minister of Finance,… Read More

Polish Government Pondering Crypto Tax Legislation

The Polish government has published proposed legislation seeking to define how cryptocurrencies will be taxed in the country, Kryptowaluty reports. The bill reportedly defines cryptocurrencies as, “a digital mapping of value,” and includes rules governing both the use of cryptos in retail purchases and their use as… Read More

Young Norwegians Who Bragged to Media about Crypto Wealth Forgot to Report it on Their Taxes

Two young braggarts who took to the Norwegian media to boast about millions in crypto profits last year are backpedalling now after media showed they disclosed minimal gains on their 2017 tax returns, Dagens Naeringsliv reports. Crypto-mining partners Philip Eriksen and Roy Arne Olsen, both… Read More

China’s Shenzhen District and Tencent Partnering to Develop an “Intelligent Tax” System on Blockchain

Chinese tech behemoth TenCent is cooperating with tax authorities in the Shenzhen province to develop a blockchain-based and Big Dat-fed “intelligent tax” system.   Tencent last year joined Facebook, Google and Amazon as one of handful of companies on the globe to pass the $500 billion… Read More

Cryptomonnaies : France to Drop Tax on Cryptocurrency from 45% to 19%

Le Conseil d’etat announced this past week that French authorities have decided to dramatically drop the tax on cryptocurrency from 45% to 19%. While still considerable, this represents an important step by the French government in seeking to be more innovation friendly. The change in taxation was… Read More

iComply & Cointaxes Partner to Help Canadian Taxpayers Manage their Cryptocurrency Taxes

iComply Investor Services has announced a new strategic partnership with Cointaxes, a platform for Canadian taxpayers to help manage their tax liability for crypto. The software has been available for US citizens for some time (tax day was April 15 in the States) but now… Read More

Send this to a friend