Cryptocurrency Analysis and News Portal
David Kemmerer anticipates the unintended consequences of proposed new regulations on brokers reporting crypto transactions. Expensive “tax experts” are set to benefit financially, he says, even if ordinary investors won’t. Source
Read More
“Being able to wrap tokens is a valuable and necessary cross-chain interoperability tool,” said Michael Bacina, Digital Assets lawyer at Piper Alderman Lawyers. “To have a purely technological function triggering a tax event and tax payable is not something users would expect when using crypto-assets.” Source
Read More
The Australian Taxation Office (ATO) has issued guidance on capital gains tax (CGT) treatment of decentralized finance (DeFi) and wrapping crypto tokens for individuals, clarifying its intent to continue taxing Australians on capital gains when wrapping and unwrapping tokens.In May 2022, the ATO outlined crypto capital gains as one of
Read More
While crypto representatives and lawyers cautioned the U.S. Internal Revenue Service (IRS) that its crypto tax proposal is a dangerous and improper overreach, questions posed by a panel of IRS and Department of the Treasury officials at a Monday hearing may reveal some flexibility in the rule as it's still
Read More
Everything you need to know, courtesy of Jaimin Desai, CEO & Co-Founder of Reconcile, a tax optimization platform helping investors, business owners and high-income earners pay less tax. Source
Read More
Taxpayers already have many crypto-tax vendors to choose from when compiling information for their tax returns, such as Token Tax, Koinly and Zen Ledger. Due to the transparency and traceability of public blockchain transactions, users simply input their pseudonymous digital wallet addresses and receive a complete, itemized and forgery-proof record
Read More
The end of the trial provides some clarity for FTX customers as to how the company’s bankruptcy might affect their taxes. But how the IRS might act in the context of illegal activity is unclear. Original Source
Read More
Several countries with a sizeable interest in crypto, such as Turkey, India, China, Russia and all African nations, are not signatories to the statement. Original Source
Read More