Just Pay Your Taxes
MicroStrategy’s Michael Saylor allegedly cheated the system. This doesn’t mean his bitcoin will be liquidated. Original Source
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Taxes
Bear Market? Taxes? Crypto’s Allure in India Grows, KuCoin Survey Finds; Bitcoin Continues Holding Pattern Over $21K
Bitcoin and ether traded sideways. Bitcoin was recently changing hands at about $21,500, up a few fractions of a percentage point over the past 24 hours. After plunging late last week, the largest cryptocurrency by market value has been stubbornly clinging to its handhold above $21,000 amid largely tepid trading
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IRS Expands Crypto Question on Tax Form – Taxes Bitcoin News
The Internal Revenue Service (IRS) has modified the crypto question asked on Form 1040, the tax form used by all U.S. taxpayers to file an annual income tax return. New Crypto Tax Question The Internal Revenue Service (IRS) published a draft of Form 1040 for the 2022 tax year last week. Form
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US Senators Introduce Bipartisan Bill to Exempt Small Crypto Transactions From Taxes – Regulation Bitcoin News
A new bipartisan bill has been introduced in the Senate that would simplify the use of cryptocurrency for everyday purchases by creating tax exemption for personal crypto transactions under $50 as well as when the capital gains are less than $50. New ‘Virtual Currency Tax Fairness Act’ A new bipartisan bill, known
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Crypto Taxes, Peterffy Concerned BTC Could ‘Become Worthless or Outlawed’ — Bitcoin.com News Week in Review – The Weekly Bitcoin News
In this week’s bite-sized digest of the hottest stories from Cryptox.trade News, a new Finder survey knocks down previous forecasts for ethereum’s price a notch, with crypto experts predicting lower long-term prices for the asset. Also, India calls on G20 nations to bring cryptocurrencies within the “Automatic Exchange of Information”
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Tax Collector Wants $55 Million From Collapsed Bitcoin Ponzi Scheme MTI — Liquidators Accused of Failing Their Duty – Taxes Bitcoin News
In a fresh twist to the collapsed bitcoin Ponzi scheme Mirror Trading International (MTI) saga, revenue collector South African Revenue Services (SARS) has demanded $55.3 million from the scheme’s liquidators. The revenue collector added that it wants the tax bill settled before the MTI liquidation process is finalized. Liquidators Failing
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Indian crypto trading volumes slump following hefty taxes
Trading volume on three major Indian crypto exchanges plummeted 72.5% on average since July 1, when a 1% tax per transaction was enforced in the country.The Tax Deducted at Source (TDS) came into effect on July 1 and appears to have negatively affected traders as exchange volumes dropped from 37.4%
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Tax Agency Starts Checking Crypto Traders in Romania – Taxes Bitcoin News
Authorities in Romania are going after investors who failed to report revenues from crypto trading and pay tax. The offensive is part of efforts to respond to financial trends, the country’s tax body said in a statement, unveiling it was able to identify almost €50 million of undeclared crypto gains. Tax
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Declare the Side Hustle — Americans Are Concerned About the 1099-K Tax Rule for Payments Over $600 – Taxes Bitcoin News
Americans are worried about a new tax reporting requirement that will force applications like Venmo, Cash App, Paypal, Airbnb, and Ebay to send 1099-K forms to users. The U.S. Internal Revenue Service (IRS) is specifically focusing on payments of $600 or more for goods and services received through a third-party
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A16z Says DAOs May Be Better Off Filing Legal Papers, Paying Taxes
The challenge is keeping a DAO decentralized while allowing it to meet the tax requirements and other practical demands of a business or nonprofit. Using well-trodden, offshore strategies to avoid taxes “could substantially increase the risk of global backlash,” according to the paper written by Miles Jennings, a16z’s general counsel
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