Taxpayers to avoid obligations by sending mining proceeds to IRAs
The IRS has considered crypto mining revenue as part of taxable income since 2014. Go to Source Powered by WPeMatico
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EY aims to simplify cross-border withholding tax process with blockchain
EY expects that its new blockchain-based withholding tax solution can lay a foundation for the European Commission’s withholding tax relief system. Go to Source Powered by WPeMatico
South Korea Proposes Law Allowing Direct Seizure and Sale of Crypto Assets to Pay Overdue Taxes
The South Korean government has proposed an amendment to the tax code to allow the country’s tax authority to seize and sell cryptocurrencies belonging to delinquent taxpayers. “The revision will allow direct seizing without court-approved change in ownership records. Assets held by tax dodgers in the form of digital coins will no longer evade seizure … Read more
Binance cuts withdrawal limits, rolls out tax reporting tool
Existing Binance users will not be able to withdraw more than 0.06 BTC per day without completing full KYC verification, effective in August. Go to Source Powered by WPeMatico
New rules could permit Korean gov’t to seize tax evaders’ crypto
South Korea examines ways to expand its tax base, with proposals to strengthen the government’s ability to seize tax evaders’ crypto assets directly from their personal wallets. Go to Source Powered by WPeMatico
IRS Modifies Crypto Question on Tax Form — Now Focusing on Taxable Cryptocurrency Transactions
The U.S. Internal Revenue Service (IRS) has modified the crypto question asked on the main U.S. tax form. Reducing the scope of the question, the IRS now focuses on taxable cryptocurrency transactions. New Crypto Question on Tax Form 1040 The IRS published a draft Form 1040 for the tax year 2021 Thursday. Form 1040 is … Read more
Get a passport, pay crypto, live tax-free?
Most transfers of cryptocurrency are taxable, unless the transfer is qualified as a gift or a charitable contribution. Go to Source Powered by WPeMatico
Report: Tweaks to South African Tax Filing System to Result in Decreased Crypto Arbitrage
Reports from South Africa suggest that tax authorities have plugged a loophole on the online tax filing system that enabled crypto arbitrage traders to make several purchases on overseas cryptocurrency platforms using just one approval. As a consequence of these tweaks, crypto arbitrage traders are now forced to make a new application each they need … Read more
Tennessee city wants to accept property tax payments in Bitcoin
Jackson Mayor Scott Conger believes that Bitcoin is the only solution to fix inflation and the U.S. dollar devaluation. Go to Source Powered by WPeMatico
NCLA Files Appeal Against the IRS — Law Firm Claims Tax Agency Unlawfully Seizes Crypto Data of Thousands
On Friday, the public interest law firm New Civil Liberties Alliance (NCLA) filed an opening brief in the cryptocurrency case of James Harper v. Charles P. Rettig. The NCLA argues that Harper’s Fourth and Fifth Amendment constitutional rights were violated by the Internal Revenue Service (IRS). The U.S. tax agency is accused of obtaining Harper’s … Read more