Tagged: taxes

December 31, 2024 @ 5:23 pm By JD Alois  |  

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

December 10, 2024 @ 3:21 pm By Omar Faridi  |  

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

December 4, 2024 @ 8:25 am By Omar Faridi  |  

At Robinhood (NASDAQ:HOOD), they claim to be committed to making investing more accessible and transparent for everyone. Robinhood Markets noted that this is why they’re introducing an important feature designed to help customers “manage their tax liabilities and give them flexibility when selling stocks” —Tax Lots…. Read More

December 2, 2024 @ 10:12 pm By Omar Faridi  |  

Hong Kong is reportedly planning to waive taxes on investment gains made from cryptocurrencies as well as other alternative assets for hedge funds, private equity funds and various family offices as the city-state aims to improve its attractiveness as a wealth management center. In a… Read More

December 2, 2024 @ 12:09 pm By JD Alois  |  

The UK is expected to make some major tax changes in the coming year to ostensibly fill the budget “black hole.” The new Labour government has messaged its intent to levy a higher tax on capital gains and remove the so-called “non-dom” status, which allows citizens… Read More

December 1, 2024 @ 9:16 pm By Omar Faridi  |  

Earlier this week, Russia reportedly approved a cryptocurrency-focused tax law which recognizes Bitcoin (BTC) and crypto-assets as property (somewhat similar to what Chinese courts has determined several years back). The legislation, which was reportedly approved on November 27, 2024, formally acknowledges Bitcoin / other virtual… Read More

November 28, 2024 @ 12:13 pm By Omar Faridi  |  

Solidgate — a payment processing platform that offers orchestration and acquiring capabilities —announced the launch of its Tax Compliance Platform, a solution designed to simplify VAT and sales tax management for digital businesses. Offering an alternative to outdated tax management tools, this new platform eliminates… Read More

October 28, 2024 @ 11:05 pm By Omar Faridi  |  

On June 28, 2024, the US Treasury Department had released the first of what will “likely” be a few different sets of final regulations relating to digital assets. According to an extensive update from Taxbit, for the most part, this set of finalized rules addresses… Read More

October 24, 2024 @ 11:19 am By JD Alois  |  

The annual Autumn Statement, where the UK government reveals its economic plan, is just around the corner. On October 30th, the Chancellor of the Exchequer, Rachel Reeves, will share the Labour government’s plans to reduce deficits while hopefully driving economic growth. As reported by the… Read More

October 16, 2024 @ 11:07 am By JD Alois  |  

At the end of this month (October 30), the Labour government will reveal its economic plan during the Autumn Budget presented to Parliament. The Chancellor of the Exchequer, Rachel Reeves, who has been in charge since this past July, will share how Labour will address… Read More

October 15, 2024 @ 6:03 pm By JD Alois  |  

The Small Business and Entrepreneurship Council (SBE Council) recently shared an update on smaller firms and their concerns regarding policies that impact these businesses. The SBE Council reports that smaller firms are worried about the looming expiration of the Tax Cuts and Jobs Act (TCJA)… Read More

September 9, 2024 @ 9:54 pm By Omar Faridi  |  

PwC announces the launch of Beacon, an innovative international tax platform that promises to bring agility, efficiency and speed to tax calculations. As global tax regulations continue to evolve, Beacon is designed “to help multinational organizations navigate the complexities of the OECD’s Pillar Two framework,… Read More

September 4, 2024 @ 1:44 pm By Omar Faridi  |  

Taxbit, the digital asset tax and accounting platform, announced its comprehensive support for the 1099-DA form, a crucial step toward ensuring compliance with the newly released US Treasury and IRS Digital Asset Broker Regulations. This represents an important step towards digital asset tax compliance, as… Read More

August 20, 2024 @ 9:01 am By JD Alois  |  

In the UK there are several tax exemptions which may be available for individual investors to mitigate risk and reduce taxes paid on any return. SEIS, or Seed Enterprise Investment Scheme, is a powerful incentive for investors to support entrepreneurs and boost the UK innovation… Read More

August 19, 2024 @ 3:29 pm By JD Alois  |  

Perhaps it was a head fake? Recently, it was reported that the Democrat Party was attempting to repair the bridges destroyed by the Biden Administration regarding digital asset innovation and the entrepreneurs in this industry. President Joe Biden has been determinably anti-crypto, thus driving this sector… Read More

August 10, 2024 @ 11:01 am By Tony Zerucha  |  

Tax lawyer David W. Klasing warns the IRS anticipates a surge in cryptocurrency-related tax evasion cases. That is driven by anonymity and decentralization, which complicate the ability to track income and enforce laws. “The IRS expects a rise in crypto tax evasion cases as taxpayers file their… Read More

July 30, 2024 @ 10:13 pm By Omar Faridi  |  

Deloitte’s 2024 Global Tax Policy Survey analyzed the responses of more than 1,000 tax and finance executives within the Forbes 2000 set of multinational organizations, representing a wide range of industries, organization sizes, and geographies to understand how they are handling the immense changes in… Read More

July 28, 2024 @ 4:42 pm By Michael Wong  |  

Finance leaders from the Group of 20 major economies issued their first-ever joint declaration on Friday, Reuters reported. They committed to cooperating on effectively taxing the world’s wealthiest individuals. However, this unity masks deeper disagreements about the appropriate forum to advance this agenda. In their… Read More

July 21, 2024 @ 10:02 pm By Tony Zerucha  |  

april, an AI-powered tax-filing product built to be embedded with financial services providers, this week appointed Raj R. Doshi as its president and chief operating officer. Doshi brings more than 20 years of experience with organizations including Google, TaxAct and Avantax. Doshi’s focus will be… Read More

June 28, 2024 @ 10:26 pm By Omar Faridi  |  

With the end of financial year (EOFY) around the corner, new research from digital bank, ubank, revealed what’s on the minds of Gen Z and Millennials when it comes to tax time. According to ubank’s research, which “surveyed 1,311 adults between the ages of 18… Read More