IRS releases draft of proposed reporting rules for digital asset brokers
House Financial Service Committee chair Patrick McHenry said the rules are part of “the Biden Administration’s ongoing attack on the digital asset ecosystem.” Go to Source
Taxes
Auto Added by WPeMatico
South Korean city to seize crypto from thousands of tax evaders: Report
City authorities of Cheongju are looking to seize cryptocurrency from anyone who owes at least $750 in crypto taxes to the government. Go to Source
Coin Center responds to US lawmakers’ request for crypto tax guidance
Among the crypto advocacy group’s suggestions included a De Minimis exemption for crypto transactions and having the IRS provide guidance on block rewards, airdrops, and hard forks. Go to Source
Brazil’s Congress moves to levy higher taxes on cryptocurrencies
If approved, the legislation would place crypto assets held by Brazilians overseas subject to the same tax rules governing traditional assets. Go to Source
FTX has a plan, but creditors are not impressed: Law Decoded
A body representing FTX customers said it is “extremely disappointed” by the company’s reorganization plan. Go to Source
Ukrainian government reports $81M tax loss from unregulated crypto exchanges since 2013
A crypto bill signed into law in 2022 paved the way for the Ukrainian government to amend its tax code, but local exchanges still largely operate outside this framework. Go to Source Powered by WPeMatico
Japan Blockchain Association demands tax cuts for crypto
Advocates of the crypto industry in Japan demand the revision of the national tax regime for digital assets. Go to Source Powered by WPeMatico
Judge suggests IRS issued $4K refund over tax lawsuit based on quality of lawyers: Report
A couple who filed a lawsuit over how staked Tezos tokens were taxed has gone to appellate court after refusing to accept a refund check from the IRS. Go to Source Powered by WPeMatico
Thodex CEO sentenced to Turkish prison for failure to submit tax documents
Faruk Fatih Özer failed to submit the requested documents to the Tax Inspection Board. He denied being Thodex’s official at the time, which prevents him from presenting the requested books. Go to Source Powered by WPeMatico
Bill to exempt foreigners from crypto taxes passes preliminary reading in Israel
The bill would also level up crypto bonuses with employee stock options by reducing the current 50% tax to 25%. Go to Source Powered by WPeMatico