Tagged: taxes

April 1, 2025 @ 8:49 am By JD Alois  |  

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

March 12, 2025 @ 8:14 am By Omar Faridi  |  

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

February 8, 2025 @ 8:55 am By Omar Faridi  |  

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

January 29, 2025 @ 9:38 pm By Omar Faridi  |  

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

January 24, 2025 @ 10:59 am By JD Alois  |  

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

January 23, 2025 @ 9:42 am By JD Alois  |  

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

January 10, 2025 @ 9:50 am By Omar Faridi  |  

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

January 4, 2025 @ 10:06 am By JD Alois  |  

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

January 2, 2025 @ 1:26 pm By JD Alois  |  

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

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