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An official from India’s ministry of finance said Monday that all gains from trading cryptocurrencies like Bitcoin were liable to income tax, as per a report on markets outlet Financial Express.
United Kingdom crypto investors braced themselves for significant changes in the treatment of Capital Gains Tax (CGT).
South Korean economists aren’t happy with the government’s proposal to tax Bitcoin and other cryptocurrencies, days after reports suggested the latter.
Algorand and Blockchain dot com are getting a much-needed boost, the two firms are integrating with a crypto accounting and tax platform to help users easily manage financial implications on decentralized transfers and crypto storage.
There is an abundance of new and existing crypto tokens, coins crypto wallets, service providers and decentralized financial instruments powered by blockchain.
Seattle-based cryptocurrency tax analysis firm ZenLedger has raised $3.35 million in a seed round after processing more than $1 billion crypto transactions.
Crypto-to-crypto trades will remain tax exempt, iterated French finance minister Bruno Le Maire.
The IRS plans to interview family and friends, search through social media posts, and issue subpoenas to ensure people pay taxes on their Bitcoin, according to a presentation given to the IRS Criminal Investigation division.
Taxes, in and of themselves, can be complex, and throwing your crypto gains on top of it makes things even more challenging.
Some traders are using cryptocurrency as collateral to secure loans, allowing them to keep their bitcoin and get cash while avoiding capital gains tax.
Former vice president of payments at Starbucks, Maria Smith, promised that Starbucks would play a “pivotal role in developing practical, trusted and regulated applications for consumers” to pay for coffee with Bitcoin.
Stablecoins are the latest innovation to emerge over the past year and have the potential to revolutionize not only virtual currency markets but to also become a new mechanism for worldwide commerce.
Delinquent federal and state tax filings or unreported 2017 or prior tax years’ transactions may force taxpayers dealing in crypto to liquidate significant positions in cryptocurrencies at lower values to pay outstanding tax liabilities to the IRS, including interest and penalties.
The battle between tax authorities and cryptocurrency users took a turn in favor of the tax collectors.
Major United States furniture retailer Overstock announced that it will pay taxes in bitcoin for the Ohio-based portion of its business under the state’s novel taxpayer platform, Ohiocrypto dot com.
Two congressmen are introducing a bill that would exclude digital currencies from securities classification and substantially improve the tax treatment for cryptocurrencies.
The cryptocurrency market saw a dramatic fallout throughout 2018.
In France, several proposed changes to the laws governing the tax treatment of cryptocurrencies were rejected in the parliament on December 17th.