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The OECD said it planned to present the Crypto-Asset Reporting Framework to a meeting of G20 finance ministers and central bank governors on Oct. 12-13. Go to Source Powered by WPeMatico
Members of the European Parliament have called for “effective taxation” of crypto assets and “better use of blockchain” to counteract tax evasion. A resolution aiming to achieve both objectives has been approved by a large majority which also wants small crypto traders to enjoy a simpler tax regime. European Parliament Adopts Framework for Uniform Taxation … Read more
Colorado is now accepting crypto for tax payments — but if you choose to use that option, it could change the amount you owe. Go to Source Powered by WPeMatico
“We are in a completely different situation in the power market now than when the reduced rate for data centers was introduced in 2016,” said Norway’s finance minister. Go to Source Powered by WPeMatico
The resolution recommended authorities in the parliament’s 27 member states consider a “simplified tax treatment” for crypto users involved in occasional or small transactions. Go to Source Powered by WPeMatico
IRS rules weren’t ready for the Ethereum upgrade. It’s unlikely to become the fiasco that taxpayers experienced when Bitcoin forked in 2017, but there are measures they can take to prepare for whatever the IRS decides. Go to Source Powered by WPeMatico
The Internal Revenue Service (IRS) has obtained a “court order authorizing summons for records relating to U.S. taxpayers who failed to report and pay taxes on cryptocurrency transactions.” The IRS commissioner commented: “The government’s ability to obtain third-party information on those failing to report their gains from digital assets remains a critical tool in catching … Read more
Changpeng Zhao, the CEO of Binance, recommended a flat 1.2% trading tax on LUNC trades that could be burned to reduce the token’s total supply and improve its price performance. Go to Source Powered by WPeMatico
The government in South Korea has seized cryptocurrency worth around $184 million in two years due to tax arrears, according to local media. The authorities in Seoul started confiscating virtual assets from people accused of tax evasion in 2021. Almost 260 Billion Won in Crypto Seized for Tax Evasion in South Korea The amount of … Read more
The IRS is hiring 87,000 agents, thanks to President Joe Biden’s 2021 infrastructure package, but they won’t be fully trained for three years. Go to Source Powered by WPeMatico