IRS reveals final regulations for crypto broker rules
The Internal Revenue Service did not include decentralized exchanges or self-custodial wallets under its broker reporting requirements. Go to Source
Taxes
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US Lawmaker Pushes Bill to Allow Bitcoin Payments for Federal Income Taxes, Citing El Salvador’s Success
U.S. Congressman Matt Gaetz has introduced a bill to allow federal income taxes to be paid with bitcoin. Inspired by El Salvador’s success with the cryptocurrency, the lawmaker believes this move will modernize the U.S. tax system, promote innovation, and maintain America’s technological leadership. Lawmaker Proposes Bill to Allow Federal Income Taxes to Be Paid … Read more
Swissaid Study: Three Quarters of Africa’s Artisanal Gold Goes Undeclared for Export
Between 72% and 80% of Africa’s total artisanal gold production is often undeclared for export, a new study has found. A significant portion of this gold is said to often end up in major gold-importing countries, such as the United Arab Emirates. According to a new study by Schulz and Ummel, Switzerland has a unique … Read more
FTX reaches $200M settlement with IRS on tax bill
The agreement, which is subject to a court approval, resolves a major hurdle for FTX bankruptcy process. Go to Source
Canada’s Tax Agency Targets $40M in Uncollected Crypto Taxes as Trudeau Seeks Major Capital Gains Hike
Based on a report by the National Post, Canada’s Revenue Agency (CRA) is actively searching for uncollected taxes on cryptocurrencies. The agency estimates that there is nearly $40 million in undeclared taxes related to digital currencies. Concurrently, Prime Minister Justin Trudeau is proposing an increase in capital gains taxes from 50% to 66% for any … Read more
Australian Tax Office Seeks Personal, Transaction Details from 1.2 Million Cryptocurrency Users
The Australian Tax Office reportedly has requested that cryptocurrency exchanges share both personal and transaction details of as many as 1.2 million cryptocurrency users. The revenue collector recognized that some users are fulfilling their tax obligations unknowingly, but maintained that others are intentionally avoiding payment. Australian Tax Office Targets 1.2 Million Cryptocurrency Users The Australian … Read more
Turkish crypto bill: 5 things to know before it’s introduced
Turkey was expected to introduce crypto legislation in early 2024, but the local parliament is yet to report on the process. Go to Source
Proposed US bill wouldn’t allow taxing block rewards at acquisition
If incorporated into U.S. tax law, the bill would require block rewards from proof-of-work and proof-of-stake networks to be taxed when sold rather than when they were acquired. Go to Source
US Justice Dept charges Roger Ver with tax fraud
Early crypto investor ‘Bitcoin Jesus’ faces extradition to the U.S. after being charged with evading nearly $50 million in taxes. Go to Source
Australian, Indonesian Tax Bodies Sign Agreement to Share Crypto Information
The tax authorities of Australia and Indonesia have signed a memorandum of understanding to share information on cryptocurrency. Under this agreement, both entities will exchange data on crypto assets and share knowledge to ensure adherence to tax obligations. Agreement Underscores Two Countries’ Willingness to Adopt The Australian Taxation Office (ATO) and its Indonesian counterpart have … Read more
