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White House Backs Crypto Tax Amendment Endorsing Proof-of-Work in Infrastructure Bill
6.8.2021
The White House has endorsed an amendment to the $1 trillion Infrastructure bill that supports proof-of-work over all other consensus mechanisms. However, the crypto community is supporting a different amendment. White House Takes Stance on Infrastructure Bill’s Crypto Tax Amendment The White...
US Senator Says Crypto Tax in Infrastructure Bill Is ‘Unworkable,’ Plans to Offer Amendment to Fix It
3.8.2021
Several U.S. lawmakers have spoken up against the cryptocurrency tax provision in the $1 trillion infrastructure bill. While the bill has been revised from last week’s version, the text is still “unworkable,” according to Senator Pat Toomey. “I plan to offer an amendment...
South Korea Proposes Law Allowing Direct Seizure and Sale of Crypto Assets to Pay Overdue Taxes
28.7.2021
The South Korean government has proposed an amendment to the tax code to allow the country’s tax authority to seize and sell cryptocurrencies belonging to delinquent taxpayers. “The revision will allow direct seizing without court-approved change in ownership records. Assets held by...
Denmark to Revise Tax Law to Target Cryptocurrencies
10.6.2021
The Danish tax ministry is reportedly mulling over revising the country’s tax law to deal with the challenges posed by cryptocurrencies. Denmark’s tax authority is concerned about the rising risk of fraud and widespread filing errors involving cryptocurrencies. Denmark to Revamp Tax...
IRS Will Seize Cryptocurrencies From Investors to Settle Tax Debts, Official Warns
14.5.2021
An official of the U.S. Internal Revenue Service (IRS) has clarified that the agency is prepared to seize cryptocurrencies and sell them to satisfy tax collection if taxpayers fail to meet their tax obligations. Robert Wearing, IRS’ deputy associate chief counsel for Procedure &...
Court Authorizes IRS to Summon User Records From Kraken Cryptocurrency Exchange
6.5.2021
The Internal Revenue Service (IRS) has obtained court authorization to serve a John Doe summons on cryptocurrency exchange Kraken. The tax agency is seeking data of users with $20,000 or more in cryptocurrency transactions during the years 2016 to 2020. IRS Wants User Information From Crypto...
Survey shows South Koreans support crypto tax law
3.5.2021
More than half of the survey respondents favored the controversial crypto tax law in South Korea
South Koreans Are Required to Pay Taxes for Crypto Holdings in Overseas Exchanges, Authorities Warn
20.3.2021
South Korean tax authorities are unstoppable in keeping crypto holders in their eyes and making them accountable to pay taxes. The National Tax Service (NTS) has issued a warning to the crypto traders that they have to report their earnings even from tokens held in foreign exchanges. No Details...
IRS Updates Tax Requirements for Cryptocurrency Owners
7.1.2021
The U.S. Internal Revenue Service (IRS) has updated its instructions for disclosing crypto activities. The update provides clarification on who must answer “yes” to the IRS’ crypto question and when it is appropriate to select “no” as the answer. IRS Publishes...
Bitcoin Taxation Support Growing Industry – Here are 5 Useful Cryptocurrency Tax Calculators
10.2.2020
For crypto owners looking to estimate how much they owe in taxes, there are some platforms with a free crypto tax calculator. They integrate with major crypto exchanges and wallets, allowing you to import your crypto transaction data and start calculating your taxes for free. Some of them also...