The U.S. Internal Revenue Service is considering whether to tax non-fungible tokens (NFTs) on a par with other collectibles such as stamps, works of art and fine wine, in a move likely to have an impact on those including the digital assets within their retirement plan, according to a document CollectiblesIRSNFTsSeeksTax Read More
Tax is a nightmare for compliance. And crypto taxes — which include a variety of innovative mechanisms and products that have no analog in traditional finance — are 10 times worse.
Complicating matters even further, the global industry operates BitcoinCointelegraphCountriesCryptocryptoexchangeExchangesmagazineTaxTaxesTipsWorst Read More
The Argentine tax authority (AFIP) is increasing its scrutiny when it comes to digital wallets. The institution recently revealed it found irregularities in at least 184 tax statements that include digital wallets and cryptocurrencies. These taxpayers did not include their wallet holdings as part of their 2021 tax statements, leaving AFIPArgentineAuthorityBitcoincryptoexchangeDetectsDigitalExchangesirregularitiesNewsStatementsTaxTaxesWallet Read More
As the United Kingdom gradually develops its own comprehensive crypto framework, His Majesty’s Treasury is introducing a separate category for crypto assets in tax return forms. The particular line should appear in tax forms in 2024–25.On March 15, the U.K. Treasury published a report paper on the national budget for AssetsCategoryCryptoFormsSeparateTax Read More
Taxpayers in the United Kingdom will have to report cryptocurrency assets separately in their tax documents for the tax year 2024-25, according to the Exchequer’s recently published spring 2023 budget.
New Criminal Offenses Planned by U.K. Government to Combat Tax Avoidance
Amid the chaos in the banking sector following the collapse of AssetsBitcoinBudgetCryptocryptoexchangeDiscussesDocumentsExchangesNewsReportingSeparateTaxTaxesTreasury Read More
Taxpayers will have to record their crypto gains separately as of next year, the U.K. Treasury said.
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Coinbase CEO Brian Armstrong has lauded U.S. lawmakers’ decision to revive a bill seeking to clarify crypto tax reporting.
Bill to streamline crypto asset reporting requirements
The Keep Innovation in America Act is a bipartisan bill introduced in March 2021 that Reps. Patrick McHenry and Ritchie Torres have revived to address digital CEOCoinbaseCryptoHailsLawReformreintroductionTax Read More
On Thursday, the Biden administration released the U.S. president’s 182-page budget proposal for the fiscal year 2024, which aims to “grow the economy from the bottom up and middle out.” The budget includes an $835 billion increase in military spending, but the administration claims it will reduce the deficit by AimsBidenBitcoinBudgetCryptocryptoexchangeExchangeExchangesInvestorslikekindMinersNewsPlanProposalProvisionTargetsTax Read More
Thailand’s government has said companies that issue digital tokens will receive a waiver that exempts them from paying corporate and value-added tax. According to a report, the Thai government anticipates losing just over $1 billion in tax revenue as a result of the waiver.
Relaxation of Tax Rules for Investments AssetBitcoincryptoexchangeDigitalExchangesGovtGrantInvestmentIssuersNewsTaxTaxesThaiTokensWaivers Read More
The Biden administration seeks to terminate the tax-loss harvesting strategy for crypto investors which would help the White House save $31 billion over a ten year period.
On Thursday, March 9, the Biden administration proposed some important changes to crypto tax treatment in the federal budget. This could be a AdministrationBidenCryptoFixLoopholeSeeksSubsidiesTax Read More