The crypto FBAR: Implications beyond
What crypto owners should know if crypto accounts fall within the new Foreign Bank and Financial Accounts regulations. Go to Source Powered by WPeMatico
Taxes
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Miami-Dade Officials Hope to Launch a Crypto Task Force, Residents Could Pay Taxes in Bitcoin Soon
Back in mid-February, Bitcoin.com News reported on Miami’s Mayor Francis Suarez supporting the idea of the city holding bitcoin in the treasury and allowing tax payments in bitcoin as well. On April 15, 2021, reports show that the city may introduce the tax payments concept soon, as the District 8 county commissioner Danielle Cohen Higgins … Read more
Miami commissioner wants to let residents pay taxes in Bitcoin
A new resolution would establish a task force to study crypto in Miami-Dade county’s public administration. Go to Source Powered by WPeMatico
More Russians are disclosing their cryptocurrency incomes: report
Consulting firms like PwC Russia said that Russians have been increasingly reporting their income from cryptocurrency operations. Go to Source Powered by WPeMatico
Crypto-focused software firm Lukka raises $53M in funding round
Lukka said it planned to add additional features for customers dealing in derivatives, DeFi products, and other products of the crypto space. Go to Source Powered by WPeMatico
South Koreans Are Required to Pay Taxes for Crypto Holdings in Overseas Exchanges, Authorities Warn
South Korean tax authorities are unstoppable in keeping crypto holders in their eyes and making them accountable to pay taxes. The National Tax Service (NTS) has issued a warning to the crypto traders that they have to report their earnings even from tokens held in foreign exchanges. No Details on How the Agency Will Supervise … Read more
Would a US wealth tax push millionaires to Bitcoin adoption?
There are ways in which a tax on the ultra-wealthy could nudge them toward crypto, but hiding assets is not one of them. Go to Source Powered by WPeMatico
US-based crypto users likely still have to pay taxes on NFTs, says CNBC
“If you exchange crypto for any other asset, you immediately recognize a capital gain or loss,” said Robert Frank. Go to Source Powered by WPeMatico
‘Inhospitable to capitalism’ US can target those ditching dollar for Bitcoin — Ray Dalio
Investors should reduce dollar exposure, the billionaire says, as MicroStrategy’s Saylor describes Bitcoin as the “obvious solution.” Go to Source Powered by WPeMatico
IRS Launches ‘Operation Hidden Treasure’ to Target Unreported Crypto Income
The U.S. Internal Revenue Service (IRS) has reportedly launched an operation to target cryptocurrency investors. Dubbed “Operation Hidden Treasure,” the team consists of agents trained in the field of cryptocurrency and transaction tracking. Damon Rowe, Executive Director at the IRS Office of Fraud Enforcement, unveiled “Operation Hidden Treasure” last week at a Federal Bar Association … Read more
