Search
Tax Authority Seizes Cryptocurrencies Worth $25 Million From Hundreds of Crypto Investors in South Korea
24.4.2021
The tax department of the Seoul metropolitan government in South Korea has reportedly seized cryptocurrencies worth about $25 million from hundreds of crypto investors with delinquent taxes. The cryptocurrencies, including bitcoin, were seized from three exchanges. The tax authority is now going...
South African Taxpayers Who Fail to Disclose Income From Cryptocurrency Trading Face Possible Jail Time
4.2.2021
According to a report, the South African Revenue Service (SARS) has sent out audit requests to taxpayers asking them to disclose their cryptocurrency trades and purchases. Taxpayers that fail to correctly disclose their income from bitcoin or other cryptocurrencies may be “liable to a fine...
PayPal’s Crypto Offering May Be ‘a Huge Headache’ for Taxpayers
26.10.2020
PayPal opening its network to cryptocurrencies could create a serious tax headache for users
US Congressmen Want IRS to Balance Taxation and Innovation in the Cryptocurrency Space
6.8.2020
A bipartisan quartet of US congressmen wants the IRS taxation policy not to dissuade taxpayers from participating in blockchain token staking. These politicians believe America’s ingenuity can help drive this promising staking technology. The four congressmen are Bill Foster (D) of Illinois...
Advocacy Group Claims IRS-Issued Crypto-Warning Letters Violated Taxpayer’s Rights
14.7.2020
Close to a year ago last July, the U.S. Internal Revenue Service (IRS) revealed it would be sending ‘soft letters’ to suspected American cryptocurrency owners advising them to pay their taxes. Now according to the Taxpayer Advocate Service, a subsidiary of the IRS, the soft letters...
Generations of Debt: US Taxpayers Held Liable for Federal Reserve’s $6.9 Trillion Balance
20.5.2020
The central banking system in the U.S. and the country’s megabanks have manipulated the economy for quite some time and these days, the coronavirus has been a great excuse to create trillions for stimulus. A recent report from the analysts at Wall Street on Parade indicates that American...
IRS Seeks Third-Party Contractors to Help With Taxpayers’ Crypto Calculations
13.5.2020
The United States Internal Revenue Service is reportedly soliciting outside contractors to assist with calculations of cryptocurrency users’ transactions
‘Wahoo!’ Australian Taxpayers Alliance Exec Excited to Buy Bitcoin
3.4.2020
The crypto community has warmly welcomed a top exec at the Australian Taxpayers' Alliance, after she bought her first Bitcoin
During Coronavirus Pandemic, IRS Cuts Taxpayers Some Much Needed Slack
31.3.2020
The IRS has already changed some important payment deadlines and started crucial initiatives to help taxpayers. Will it help to win the fight against COVID-19?
Tax Expert: IRS Crypto Question ‘Unconstitutional,’ Card Points, Flyer Miles Could Be Virtual Currency
19.3.2020
While its well-known that the revised Schedule 1 form for U.S. taxpayers now contains a question about cryptocurrencies, what is lesser discussed are the legal ramifications this may have for filers who answer incorrectly. The vague nature of the yes or no inquiry has one tax expert doubting...
Tax Office to Contact 350,000 Australians and Remind Them to Report All Crypto Profits
12.3.2020
Australian tax agents have set out to close a gap they say costs the state several billion dollars. Taxpayers who file various work-related claims and investment property deductions or declare income from sharing economy platforms such as Uber and Airbnb may be asked for explanations and receipts....
Ukrainian Taxpayers Will Now Have to Report Crypto Holdings
4.3.2020
Ukraine’s revenue agency has published guidance that says cryptocurrency holdings should be treated as intangible property on tax returns
Poles Hit With Backdated Tax on Crypto Trades
16.12.2019
Crypto traders in Poland have been unpleasantly surprised with a controversial tax they thought they wouldn’t have to pay. The Civil Law Transactions Tax (PCC) is applicable to digital asset trades conducted before the introduction of last year’s moratorium on its collection, the Polish...
Canadian Bitcoin Miner Goes Bankrupt Indebted To Taxpayers
6.12.2019
Source: Istock/Golden_Brown
Canada-based Bitcoin (BTC) miner and AI data processor Great North Data has filed for insolvency, leaving behind millions of dollars in debt. In an unusual situation for a cryptocurrency miner, these include hundreds of thousands of dollars the company owes to Canadian...
Tax Form to Report Revenues From Cryptocurrency Trading Issued in Poland
26.10.2019
Authorities in Poland have clarified the taxation of revenues received from cryptocurrency exchange transactions. The Ministry of Finance has recently published a 2019 tax form that has a dedicated section where taxpayers are expected to declare separately proceeds from crypto trading. Also read:...
Turkish Government Freezes Over 3 Million Bank Accounts
5.10.2019
Hundreds of thousands of businesses and individuals with tax obligations to the Turkish state have received foreclosure notices this week informing them about their frozen bank accounts. The government of Turkey, which is struggling with financial and economic problems under geopolitical pressure...
H&R Block Offers Solutions for Taxpayers With Crypto Transactions
25.9.2019
U.S.-based accounting firm H&R Block rolls out a new service for crypto currency transactions
Tax Strategies For Cryptocurrency Investors To Legally Minimize Taxes
12.9.2019
Many cryptocurrency investors and taxpayers view the tax system as a drain on their wealth. They often say, if it wasn’t for taxes, I would have more funds to accelerate the growth of my portfolio and build wealth for my […]
The post Tax Strategies For Cryptocurrency Investors To Legally...
More Cities and Regions Accepting Coins for Taxes, Services
6.8.2019
Cryptocurrency payments, as convenient as they can be, are still something most governments are trying to wrap their heads around and regulate. Local authorities, however, being closer to the citizens they are called upon to serve, are often quicker to adopt novelties that make their lives and...
Tax Expert: IRS Letters Confirm That Trading Cryptos Is a Taxable Event
5.8.2019
The U.S. Internal Revenue Service (IRS) announced on July 26 that 10,000 American cryptocurrency users will receive a letter reminding them to pay taxes or amend any mistakes on past filings. At the time, IRS Commissioner Charles Rettig said U.S. taxpayers should take the warning letters...