Cryptocurrency Analysis and News Portal
Bitcoin Cash (BCH) proponent and former Bitcoin (BTC) evangelist, Roger Ver has withdrawn support for a proposed Bitcoin Cash miner tax following backlash from several BCH miners and investors. Bitcoin Cash Miner Tax Won’t Work Without Consensus In a blog post published by Bitcoin.com on Tuesday (January 28, 2019), Ver declared that
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The Internal Revenue Service is aware that millions of cryptocurrency transactions may still remain unreported. Taxpayers may think they will not be caught, and many Coinbase users may have thought their information would be protected until the John Doe summons proved otherwise. The best way to avoid penalties is
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TaxBit, a crypto-oriented tax compliance firm, has raised $5 million in a seed round that saw participation from the Winklevoss twins’ family office, Winklevoss Capital.In a Jan. 6 announcement, TaxBit said that it plans to use the raised funds to enhance its software products on an international scale as
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Cryptocurrency and taxation laws are creating a great deal of confusion in South Korea.On Dec. 30, South Korea’s government stated that under current law, it cannot impose income taxes on individuals’ profits from transactions of cryptocurrency. This, however, contrasts with the National Tax Service’s recent imposition of an 80
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In a shocking turn of events, South Korea’s National Tax Service (NTS) is planning to withhold tax from Bithumb, the largest crypto exchange in the country, on income from foreign clients.This is the first time that the NTS has moved to withhold tax on income obtained from cryptocurrency transactions. There
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South Korea's National Tax Service (NTS) will withhold tax worth 80.3 billion won, or $70 million, from the country's largest crypto exchange Bithumb.CoinDesk Korea reported on Sunday that Vidente, the largest shareholder of Bithumb Holdings, which runs Bithumb Korea, confirmed the withheld amount in a notice and said the tax
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Major South Korean cryptocurrency exchange Bithumb is reportedly looking to undertake administrative litigation over an $68.9 million (80 billion won) tax bill.English-language local news outlet KoreaHerald reported on Dec. 29 that the local tax agency has handed down over 80 billion won in taxation on the exchange.A first occurrence
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Expertly analyzing the recent crypto tax guidance issued by the IRS, members of the Congressional Blockchain Caucus – a a bipartisan group of members from Congress of the United States established to advance cryptocurrency and blockchain technology – penned down a detailed letter, exposing some of the flaws of these
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Eight members of the United States (U.S.) Congress sent a letter to the Internal Revenue Service (IRS) urging the agency to provide additional clarity on cryptocurrency tax laws. A letter dated Dec. 20, signed by eight U.S. Congress members, stated:“We wrote in April of this year urging the issuance of
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The U.S. taxman's most recent crypto guidance is sowing confusion, according to a letter from eight congressmen published Friday.According to a letter penned by Representatives Tom Emmer (R-Minn.), Bill Foster (D-Ill.), David Schweikert (r-Ariz.), Darren Soto (D-Fla.), Lance Gooden (R-Texas), French Hill (R-Ark.), Matt Gaetz (R-Fla.) and Warren Davidson (R-Ohio),
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