Tagged: taxes

The Wall Street Blockchain Alliance Asks IRS to Clarify Crypto Tax Approach

The Wall Street Blockchain Alliance (WSBA) has posted a letter addressed to the US Internal Revenue Service (IRS) asking the agency to clarify its stance on crypto and taxation. In the past, the IRS has issued several statements and warnings to holders of cryptocurrency with… Read More

Financial Services Provider Refundo Launches IRS & State Income Tax Refunds in Bitcoin, Cash, Ethereum, & Ripple

Refundo, a provider of tax-related financial products and services, announced on Tuesday it is once again making federal and state tax refunds available in cryptocurrency. The company revealed it is introducing support for Bitcoin Cash (BCH), Ethereum (ETC), and Ripple (XRP) as additional cryptocurrency options… Read More

New Hampshire Legislators Vote Down Law to Permit Tax Payments in Cryptocurrency

Legislators in New Hampshire have voted 17-1 against a bill that would have required the state treasurer, “to develop an implementation plan for the state to accept cryptocurrencies as payment for taxes and fees and allows state agencies to accept payment in cryptocurrencies after July 1,… Read More

South Korea’s National Tax Service to Withhold $70 Million in Taxes from Leading Crypto Exchange Bithumb

The National Tax Service (NTS) of South Korea confirmed that it will be withholding taxes worth an estimated 80.3 billion Korean won (appr. $70 million) from Bithumb, the nation’s largest digital asset trading platform. Bithumb Holdings’ largest shareholder, Vidente, which operates Bithumb’s Korea division, confirmed… Read More

Letters Sent to 20 000 Suspected Crypto Tax Avoiders in Denmark

After being granted the right earlier this year to demand user records from 3 cryptocurrency exchanges in the country, Denmark’s tax authority, the Skattestyrelsen, has now sent 20 000 letters to Danish citizens it believes may have skirted taxes on capital gains from cryptocurrency trades. Recipients… Read More

Judge Denies Crypto Trader’s Petition to Prevent IRS from Accessing Records at Bitstamp

A judge in the state of Washington has denied a cryptocurrency trader’s petition to prevent the Internal Revenue Service (IRS) from accessing records of his 2016 trades at the Bitstamp cryptocurrency exchange. Judge John Coughenour has, however, determined that the IRS’s original summons goes “overboard”… Read More

Fintech Raisin Adds Naqoda’s Tax Engine Solution to Provide Tax Calculations

Fast-growing Fintech Raisin has integrated Naqoda’s tax engine solution. Raisin is a Fintech that provides access to higher interest savings accounts in multiple countries. Naqoda provides a multi-country software solution for the calculation and reporting of interest income tax and capital gains tax. Raisin states… Read More

UK’s Tax Authority, Her Majesty’s Revenue and Customs, Makes Changes to Its Digital Asset Taxation Framework

Her Majesty’s Revenue and Customs (HMRC), the UK’s tax, payments, and customs agency, has made changes to its crypto-asset taxation framework for local firms and individuals. HMRC, which creates tax guidelines and various other financial policies, published tax guidance updates that aim to clarify the… Read More

Alon Muroch: CEO of Blox, a Crypto Accounting Platform, Reveals Common Accounting Mistakes Crypto Holders Make in Tax Filings

Individuals and organizations that use digital cryptocurrencies must begin reporting capital gains, and comply with regulatory guidelines. Firms must also implement appropriate auditing and accounting procedures for crypto assets and report such transactions to tax authorities.  On October 9, the Internal Revenue Service IRS released… Read More

Virtual Currency: IRS Guidance Addresses Cryptocurrency Forks and Tax Treatment

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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

Ohio Suspends Bitcoin for Tax Payments Program, OhioCrypto.com

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

The Tax Man Cometh: Crypto Traders Cannot Avoid Paying the Governments Cut of Gains Sean Ryan, CTO of NODE4, Explains

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

India Slashes Corporate Tax Rates to Encourage Investments and Boost Economic Growth

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

Singapore: Tax Draft May Make Exchange of Digital Payments Tokens Exempt from Tax

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

Report: British Tax Authority Requests User Crypto Trading Records from Coinbase, eToro and CEX

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

“J5” Joint Tax Authority Group Collaborating to Identify Cryptocurrency Tax Evaders

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

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

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