Cryptocurrency Analysis and News Portal
The United States House of Representatives passed the $1.2 trillion bipartisan infrastructure bill, which if signed into law by President Joe Biden, would enforce new provisions in relation to crypto-tax reporting for all citizens.The infrastructure bill was first proposed by the Biden administration aimed at primarily improving the national transport
Read More
Another provision included in the bill to amend Tax code section 6050I has also stoked fear in the crypto industry. The law, written nearly 40 years ago to apply to in-person cash transactions over $10,000, essentially requires recipients to verify the sender’s personal information and record their Social Security number,
Read More
One of the controversial topics in recent times is the payment of tax on cryptocurrency gains. In the USA, the IRS termed virtual currencies as property which means that holders will pay taxes like holders of fundamental properties or stocks. The agency even sent a subpoena to many centralized cryptocurrency exchanges
Read More
A warning by Tesla and Spacex CEO Elon Musk about the mounting national debt in the U.S., government spending, and the proposal to tax unrealized capital gains has highlighted the benefits of cryptocurrencies, particularly bitcoin. Elon Musk Says ‘Spending Is the Real Problem’ Tesla CEO Elon Musk made several tweets about the
Read More
Crypto and taxes may not be a match made in heaven, but taxes seem inevitable, and the United States Internal Revenue Service (IRS) has made it clear it is going after people who don’t report. With IRS summonses to Coinbase, Kraken, Circle and Poloniex, plus other enforcement efforts, the IRS
Read More
A new draft of the Build Back Better Act – U.S. President Joe Biden’s hoped-for spending bill – still contains language meant to close tax loopholes that cryptocurrency investors could exploit.A section of the Rules Committee print of the bill, dated Oct. 28, adds cryptocurrency transactions to the constructive sale
Read More
The United Kingdom’s tax collection agency is preparing to send out letters to crypto investors encouraging them to double-check that they’ve paid the correct amount of taxes on their cryptocurrency investments, according to a report from the Financial Times. Original Source
Read More
U.S. citizens and financial institutions are concerned about the Biden administration’s goals to get banks to report to the Internal Revenue Service (IRS) aggregate inflows from a customer’s bank account annually that exceed $600. Mainstream media is reporting and Big Tech’s swarm of fact-checkers have said that some lawmakers are
Read More
Republicans, it must be said, are also deeply culpable in this travesty, though they have, as usual, outmaneuvered and outsmarted the blundering, out-of-touch Dems into taking the brunt of the anger. It was the Republicans, remember, who rejected a provision in an earlier version of the bill that would have
Read More
The owners of a cryptocurrency firm that raised approximately $24 million from more than 13,000 investors have pleaded guilty to tax evasion. “These crypto-savvy defendants exploited an emerging technology, lying to their investors, pocketing the proceeds, and concealing the income from the IRS,” said acting U.S. Attorney Chad Meacham. Crypto Firm’s
Read More