Early Bitcoin Investor Sentenced to Prison for Failing to Report $4M in Crypto Gains
A Texas-based early Bitcoin investor has been sentenced to two years in prison for failing to report cryptocurrency gains totaling over $4 million, marking a significant legal milestone in the enforcement of crypto-related tax laws.
Detroit to Accept Cryptocurrency for Tax and Fee Payments
In a groundbreaking move, Detroit is set to become the largest U.S. city to accept cryptocurrency for tax and fee payments, starting in mid-2025.
TaxBit – Tax and Accounting for the Digital Economy
Reagan Cook is an Accounting Subject Matter Expert at TaxBit, the leading enterprise provider for digital assets tax and accounting technology.
Crypto trading and payments are tax-free in Portugal
In a surprise move, Portugal’s tax authority stated this week that cryptocurrency trading and payments are tax-free.
New Zealand tax authority approves crypto salaries
Providing further evidence of a maturing industry, New Zealand has become the first country in the world to take a clear stance on the payment of wages in cryptocurrency.
Is the IRS crackdown on crypto traders a sign of a maturing market?
The Internal Revenue Service (IRS) reportedly sent letters to over 10,000 crypto asset investors in the US to remind them to pay any outstanding taxes on cryptocurrency earnings.
Tax Tips and Strategies for Cryptocurrency Investors
In a few months, it’s tax season again, and for holders looking for big savings, tax planning begins now. Doing taxes can be taxing, outside of the stress of interests and penalties; for the crypto holder or investor, these tax tips and strategies will likely be beneficial.
Is this the ‘end of tax season’ crypto market rally?
As cryptocurrency markets mature are we seeing the seasonal effects associated with equity markets starting to seep in? This tax season could be quite revealing if the bounce in across the crypto markets mirrors that of the traditional rise in equities around this time of year.
New IRS programs to focus on Bitcoin and cryptocurrencies
The U.S. Internal Revenue Service (IRS) is beginning 2018 on an aggressive note, prioritizing the implementation of two new programs pertaining to the disclosure of foreign financial accounts, such as Swiss bank accounts, and virtual currencies, such as Bitcoin.
As the Use of Virtual Currencies in Taxable Transactions Becomes More Common,Additional Actions Are Needed to Ensure Taxpayer Compliance
This report presents the results of our review to evaluate the Internal Revenue Serviceâs (IRS) strategy for addressing income produced through virtual currencies. This review is included in our Fiscal Year 2016 Annual Audit Plan and addresses the major management challenge of Tax Compliance Initiatives.
Australian Treasury department calls for public comments to help classify digital currency
The Australian Treasury department recently released a discussion paper, “GST treatment of digital currency,” which asks for public comments on how Bitcoin and other digital currencies should be defined and taxed.
Australian Government committed to ending bitcoin double taxation
The Australian Government recently announced it’s “committed to addressing the ‘double taxation’ of digital currencies.” Earlier in the week the Hon Scott Morrison MP, Treasurer of the Commonwealth of Australia, reportedly stated that digital currencies, including bitcoin, will be exempt from Goods and Services Tax (GST) as part of changes intended to boost the fintech sector.
Ruling clarifies bitcoin taxation across Europe, while individual countries still struggle
Taxing the transfer of bitcoin makes the digital currency expensive to use. A new ruling from one of Europe's highest courts clarifies that bitcoin transfers should not be liable to Value Added Tax.
Commission presses Member States on VAT revenue collection
This important study highlights once again the need for further reform in VAT collection systems across the EU. I urge Member States to take the steps needed to fight tax evasion and tax fraud at all levels. This remains a burning issue and is at the top of this Commission's agenda."
Challenges for Australia’s Tax System
This report sets out the major challenges that confront the Australian tax system.