crypto tax
OECD Will Launch International Crypto Tax Standards in 2021 says Tax Director
The director of the OECD’s Centre for Tax Policy and Administration has revealed that the OECD will release an international tax reporting standard for crypto assets in 2021.
Bitwala Incorporates CryptoTax for Better Tax Reporting
Bitwala, a German-licensed Bitcoin banking service application, announced its new integration remedy with CryptoTax, an entity that assists crypto users to adhere to yearly tax declaration deadlines. This will be instrumental in solving crypto tax headaches.
EY Launches Crypto Tax Reporting App to Assist Businesses with US Tax Filings
Ernst & Young (EY) is launching a crypto Software as a Service (SaaS) to offer step-by-step guidance that assists with US cryptocurrency tax filings.
South Korean Tax Specialists Advocate for Lowered Crypto Taxation
Members of the Korean Tax Policy Association are calling on the government to consider applying a low-level tax on crypto transactions. The South Korean administration is contemplating taxing cryptocurrencies as part of its tax reform plan for 2021, but specialists feel it requires in-depth conceptualization.
IRS Updates 1040 Income Tax Form, Lays Traps for Crypto Tax Cheats
The IRS plans to update the 1040 income tax form for 2020 to make it more difficult for taxpayers to avoid declaring their crypto assets.
IRS Cracking Down on Cryptocurrency Tax Evasion, Seeks Private Crypto Tax Contractors
The Internal Revenue Service (IRS) has requested help from independent consultants to crack down on non-compliance in cryptocurrency tax.
Crypto Tax Payments Permitted in Bermuda
Bermuda has started accepting tax payments using Circle's stablecoin known as USD Coin (USDC).
Crypto.com Partners with Leading Tax Providers to Simplify Reporting Process
Crypto.com, a pioneering payment and cryptocurrency platform, has partnered with three reputable tax providers namely, Token Tax, CryptoTrader Tax, and CoinTracker for simplified tax reporting with the click of a button. This decision was arrived at following requests by the Crypto.com community to be tax compliant.
IRS Refuses Watchdog Request to Clarify 2019 Crypto Tax Guidelines
The Internal Revenue Service will not clarify how taxes work with cryptocurrencies and digital asset transactions in the US according to a US congress watchdog’s report released on Wednesday.
India to Consider Levying 28% Tax on Crypto Transaction
Through the Goods and Services Tax (GST) body, India is mulling the idea of levying a 28% tax on transactions bordering on digital currencies in the Asian nation.
IRS Expects Surge in Crypto Tax Crime Cases as Tax Season Concludes
The US Internal Revenue Service (IRS) is bracing for an increase in crypto tax crime cases as taxpayers file their returns on April 15. IRS criminal investigation chief Guy Ficco predicts a rise in charged Title 26 crypto cases this year and beyond. While crypto has been associated with various financial crimes in the past, Ficco anticipates a surge in "pure crypto tax crimes" in the future.
Biden's Budget Proposal Includes Crackdown on Crypto Wash Sales and Doubling of Capital Gains Tax for Certain Investors
U.S. President Joe Biden's fiscal 2024 budget plan proposes a crackdown on crypto wash sales and a doubling of the capital gains tax for certain investors, which could raise $24 billion. The proposed changes to crypto tax treatment aim to reduce the deficit by nearly $3 trillion over the next decade. The budget proposal seeks to eliminate the tax-loss harvesting strategy used by crypto traders, which allows them to sell assets at a loss for tax purposes before immediately repurchasing them. The proposal also aims to raise the capital gains tax rate for investors making at least $1 million to 39.6%.
South Korean Gaming Giant Wemade Faces $41 Million Tax Bill for Crypto Operations
South Korean gaming firm Wemade faces a $41 million tax bill for its crypto operations, highlighting the complexities of regulatory compliance in the blockchain gaming industry.
US IRS Introduces Broad Category for Digital Assets Ahead of Tax Season
The US IRS has created the Digital Assets categories ahead of this year's tax season
South Korea will Impose a 20% Tax on Capital Gains from Cryptocurrencies Next Year
The South Korean administration is not relenting on its quest to levy a 20% income tax on capital gains from crypto transactions in 2022 despite growing investor concerns for the taxation plan to be delayed.
U.S. Senators Urge Treasury and IRS for Swift Cryptocurrency Tax Rule Implementation
A group of U.S. Senators has expressed concern over a two-year delay in implementing tax reporting requirements for crypto brokers, urging the Treasury Department and IRS to expedite the process to close the crypto tax gap, provide clarity for taxpayers, and secure billions in lost tax revenue. The delay contradicts the directives of the Infrastructure Investment and Jobs Act and gives leeway to crypto lobbyists opposing the rule.
India Passes Controversial Crypto Tax Laws, Effective on April 1
India’s parliament on Friday passed a law designed to tax digital assets including cryptocurrencies. Users will begin paying capital gains taxes of 30% on crypto transactions from 1st April 2022.
South Korean Investors Making more than $2,260 from Crypto to be Slapped with a 20% Tax in 2022
The South Korean Ministry of Economy and Finance has announced that investors making at least 2.5 million won, or approximately US$2,260 from crypto trading, will be subjected to a 20% tax from 2022.
Coin Center Sues IRS For Unconstitutional Tax Reporting Rules
Coin Center, a Washington DC-based non-profit research and advocacy centre, has filed a lawsuit against the United States Treasury and the Internal Revenue Service (IRS) for a tax reporting requirement it wants to pass into law.
U.S Court Issues John Doe Summons to Taxpayers that Failed to Remit Crypto Taxes
The United States District Judge, Paul G. Gardephe has granted permission to the Internal Revenue Service (IRS) to issue what is called a John Doe summons on M.Y. Safra Bank to release information about customers who may have failed to remit taxes received from conducting crypto transactions
South Korea Contemplates Imposing 20% Tax on Cryptocurrency Proceeds
The South Korean administration might consider categorizing proceeds from cryptocurrency transactions as other income that is subjected to 20% tax, such as prize-winning or lottery.
IRS Sends Warning Letters to Prevent Crypto Owners from Evading Tax
The Internal Revenue Service began sending warning letters out to cryptocurrency owners in the United States, announcing that taxpayers should be paying back taxes they owe or to file amended tax returns in regards to their cryptocurrency holdings.
South Korea Plans to Postpone Cryptocurrency Tax Rule to January 2022
South Korea is planning to delay the implementation of its crypto income tax rules to January 2022, extending it from its previous time frame of October 2021.
Japan’s Finance Minister Says No Plans to Lower Taxes for Cryptocurrencies Amid Call for Tax Rate Cut
Japan’s finance minister stated that there is no need to lower crypto tax rates.