Bookmarking Crypto Insights
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The three-year old Common Reporting Standard is uncovering offshore assets on a massive scale, highlighting cryptocurrencies as a potential alternative. Go to Source Powered by WPeMatico
Switzerland does not need to amend its current tax legislation to cover blockchain-based arrangements, the Federal Council believes. Go to Source Powered by WPeMatico
South Korea economist worries that tough regulation would slow down crypto’s growth. Go to Source Powered by WPeMatico
Ernst & Young (EY) has introduced a new application that helps U.S. cryptocurrency traders calculate and file their taxes with ease. The EY Cryptoprep app, a Software as a Service (SaaS) web-based crypto tax engine, helps users calculate crypto-related gains and losses that have to be reported on Form 8949, a form used to report … Read more
A new crypto reporting app by the big four accounting firm EY will help clients with tax reporting as the IRS cracks down on tax evasion. Go to Source Powered by WPeMatico
The Internal Revenue Service (IRS) has won a case in which it demanded that a Maryland couple liquidate their bitcoin to pay-off a $1.1 million tax debt. Alexander and Laura Strashny proposed to the IRS to pay their 2017 tax liability, generated from non-crypto activities, in installments over a six-year period. But after seeing the … Read more
The US federal court sides with the IRS in a dispute involving crypto whales and unpaid taxes. Go to Source Powered by WPeMatico
Although scant on details, South Korea’s finance minister has confirmed that taxes will be imposed on cryptocurrency in the country. Go to Source Powered by WPeMatico
A loophole in the U.S. tax law could allow qualified bitcoin traders to write off unlimited losses from their trading activities, according to an expert from crypto tax platform Coin Tracker. Traders, defined by U.S tax collection agency Internal Revenue Service (IRS) as people who trade substantially, regularly and continuously, are allowed a maximum capital … Read more
Two-thirds of people who use Coinbase are willing to leave the platform following reports that the U.S. exchange plans to sell user data to two government agencies for $250,000. Cryptocurrency trader and analyst John Rager carried out a poll on Twitter, asking his 73,000 followers: “Would you actually delete or stop using your Coinbase account?” … Read more
