Taxes Financial News

03.08 / 05:49

Law regulation IRS Taxes Elizabeth Warren, Bernie Sanders urge closure of ‘$50 billion crypto tax gap’

A number of United States’ lawmakers have urged the Internal Revenue Service (IRS) and the Treasury to speed up the closure of tax loopholes being exploited by “crypto tax evaders.”

02.08 / 17:05

Government regulation Taxes reports Ukrainian government reports $81M tax loss from unregulated crypto exchanges since 2013

According to data provided by the Ukrainian government, cryptocurrency exchanges offering services in the country have failed to contribute more than $81 million to the national budget in the last decade.

01.08 / 04:05

regulation IRS Taxes Proof-of-stake Staking Crypto Staking Crypto staking rewards are taxable once received: IRS

United States crypto investors must report crypto staking rewards as gross income in the year it was received, according to a new ruling from the country’s top tax authority.

31.07 / 16:09

regulation Taxes Tax reduction tax cuts Japan Blockchain Association demands tax cuts for crypto

Advocates of the crypto industry in Japan demand the revision of the national tax regime for digital assets. Japan Blockchain Association (JBA), a non-governmental lobbying group, filed an official request to the country’s government, highlighting three major steps to ease up the fiscal burden on crypto holders.

26.07 / 19:51

regulation IRS Court Taxes Staking Lawyers Judge suggests IRS issued $4K refund over tax lawsuit based on quality of lawyers: Report

Oral arguments began on July 26 for an appeals case on a complaint a Tennessee couple filed against the United States Internal Revenue Service (IRS) on calculating their taxes based on earnings from staking tokens.

18.07 / 08:35

business regulation crimes Court Taxes Prison Thodex CEO sentenced to Turkish prison for failure to submit tax documents

Three months after Faruk Fatih Özer — the founder and former CEO of Thodex — was detained in Türkiye, he received a prison sentence of seven months and 15 days for failing to submit documents requested during the trial.

13.07 / 01:17

regulation Taxes Bitcoin tax breaks IRS probes crypto traders using Puerto Rico tax breaks: Report

Prosecutors from the United States and agents from the Internal Revenue Service (IRS) are reportedly investigating wealthy crypto traders and fund managers suspected of illegally benefiting from Puerto Rico’s tax breaks.

11.07 / 22:19

regulation Senate Taxes letter committee open US Senate Finance Committee asks digital asset community how to tax it in open letter

United States Senate Financial Services Committee Chair Ron Wyden and ranking member Mike Crapo released an open letter to the digital asset community on July 11 asking for input on the taxation of digital assets. The senators are looking for solutions to highly complex taxation issues, so much so that they offered background reading from the Joint Committee on Taxation to prepare respondents.

11.07 / 11:59

Adoption Taxes Financial Services Tax reduction financial literacy strategies How to use tax planning strategies for maximum savings

Tax management is an essential component that can have a big impact on your overall savings and investment results. The implementation of efficient tax planning tactics is crucial, regardless of whether you are involved in conventional financial markets or are looking at prospects in the cryptocurrency field.

06.07 / 08:27

regulation Taxes Bill to exempt foreigners from crypto taxes passes preliminary reading in Israel

Foreign residents of Israel could get an exemption from capital gains taxes on the sale of digital currencies. A bill that would grant that and other tax benefits for digital assets holders passed through preliminary reading in the country’s parliament (Knesset) on June 5.

05.07 / 20:45

Government Payments regulation Investments Taxes IMF IMF eyes tens of billions in crypto asset taxes, has few suggestions for collecting them

Governments have yet to address all the ways crypto might be taxed, the International Monetary Fund (IMF) has realized, and the amount of taxes not imposed or collected may reach well into the tens of billions of dollars. That insight does little to reduce the variety of challenges in taxing crypto, however.

01.07 / 10:29

Blockchain regulation IRS Kraken Taxes user data compliance Kraken ordered by court to disclose user data to IRS for tax compliance

A federal court ordered crypto exchange Kraken to turn over account and transaction information to the Internal Revenue Service (IRS), which said it needed that information to see if any of the exchange's users had underreported their taxes.

29.06 / 12:07

business regulation Europe Taxes Tax reduction Slovakian parliament votes to approve lower crypto taxes

Members of Slovakia’s National Council of the Slovak Republic — the country’s parliament — have voted to approve lower crypto taxes, along with additional measures affecting cryptocurrency holders.

21.06 / 16:33

regulation IRS transactions Taxes How To How to track and report crypto transactions for tax purposes

As cryptocurrencies and blockchain assets continue to grow in popularity and mainstream adoption, the United States Internal Revenue Service has taken an increasing interest in their taxation.

10.06 / 08:03

Blockchain regulation Taxes Nigeria to tax crypto, digital assets 10% on capital gains: Experts react

On the eve of his departure from office, May 28, former President Muhammadu Buhari signed into law the Finance Act 2023.

07.06 / 22:37

business IRS Machine Learning Taxes Intuit introduces proprietary large language models for fintech with GenOS

Fintech giant Intuit, whose product offerings include TurboTax, Mint, Credit Karma, Mailchimp and QuickBooks, recently expanded its software services platform to include GenOS, an operating system for generative artificial intelligence (AI) technologies.

03.06 / 13:51

business Mining regulation Energy renewable energy Taxes Is Biden’s controversial Bitcoin mining tax dead or set to rise from the ashes?

Bitcoin (BTC) miners in the United States can breathe a sigh of relief after a proposed tax on crypto mining did not make it into a bill to raise the U.S. debt ceiling that appears set to pass.

01.06 / 12:39

Government Law regulation us government Taxes Bitcoin Does the US have a crypto ‘tax loophole’ problem?

The crypto sector appears to have dodged another bullet. At the time of publication, the United States has reached a political agreement to raise its debt ceiling, avoiding a calamitous default on its obligations, and this resolution probably won’t include any new taxes on cryptocurrencies.

30.05 / 12:27

Government Mining regulation Taxes lawmaker Deal Deal to avoid US debt default nixes proposed 30% crypto mining tax, says Ohio lawmaker

A tentative deal aimed at stopping the United States government from defaulting on its debts would likely eliminate a proposed tax on the energy usage of cryptocurrency miners, according to Ohio Rep. Warren Davidson.

22.05 / 01:31

business defi ConsenSys Taxes Ledger MetaMask NOT Customers Is MetaMask withholding customers' crypto for taxes? No, it’s not.

ConsenSys, the company behind the crypto wallet MetaMask has hosed down rumors that it collects taxes from cryptocurrency users.

21.05 / 17:15

business Government regulation us government Taxes Deal Biden won't accept debt deal protecting crypto traders — G7

United States President Joe Biden expressed opposition to a debt ceiling agreement with Republican leaders that would allegedly benefit crypto traders. Attending the Group of Seven (G7) Summit, Biden reportedly classified Republicans' proposed terms as "unacceptable" during a press conference.

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