Here’s how today’s crypto taxation laws look like across the globe, from the U.S. to South Korea, Switzerland, Japan, Australia and Malta...
IRS News
The Internal Revenue Service or IRS is a public authority of Federal Government of the United States. The IRS is responsible for all tax collection and controls the implementation of tax legislation. The service was formed in 1862 and is headquartered in Washington, D.C.
There is currently an essential issue concerning the IRS with regards to the taxation of cryptocurrency. The organization has already announced that Bitcoin and other kinds of digital money are regarded as a possession, mining as a way of income, and the storing of cryptocurrency as equivalent to holding gold, meaning that everything should be taxed using the existing laws. Due to the IRS, if a Bitcoin owner came into possession of it by mining and then sold it, it is supposed to be considered 100% profit, which should be taxed between 15% and 20%, depending on its size. In addition to that, the IRS requested some large cryptocurrency exchange administrations for information about clients whose transactions were more than $20,000/year between 2013-2016.
- Crypto Map
- Expert Take
More than 10,000 taxpayers with crypto transactions will receive letters from the IRS by the end of August.
- News
Scam letters purporting to be from the United States Internal Revenue Service are trying con cryptocurrency taxpayers and others out of their funds.
- News
The United States Internal Revenue Service is sending letters to crypto investors to apparently scare them into accurately reporting their crypto-related income...
- News
by Helen Partz
The Internal Revenue Service hopes to require tech giants such as Google and Microsoft to silently share crypto-related activity by users: Report.
- Expert Take
It might be possible to have your trust pay the lower corporate tax rate of 21% rather than your individual crypto tax rate.
- Analysis
Caitlin Long and Peter Van Valkenburgh find themselves on the opposite sides of the federal-versus-state regulation divide.
- Expert Take
by Selva Ozelli
What are the United States tax reporting obligations for those who held, donated or sold/exchanged crypto.
- News
Big Four firm Ernst & Young has released a new product for claiming taxes on cryptocurrencies.
- News
by Ana Berman
U.S. tax preparation software TurboTax Online has partnered with a crypto startup to add a crypto taxation section to its services.
- News
Entrepreneur John McAfee used news of unknown charges against him to reiterate his belief in cryptocurrency taking tax power away from governments.
- News
An article from The Wall Street Journal has suggested investors should sell and then repurchase their Bitcoin (BTC) as a strategy to save on taxes.
- Follow up
With more influential voices in academia and politics speaking out against burdensome federal regulations, is change imminent?
- News
The patchwork regulatory setups at federal level mean it is “easy to see” how the U.S. has a bad reputation among crypto operators and investors.
Editor’s Choice
- House Financial Services Committee Will Continue Libra Review
- Cointelegraph Launches Korean HQ in Seoul, Expanding Presence in Asia
- Bithumb Exchange to Launch Cryptocurrency Listing Committee
- Bank of England Governor: Libra-Like Currency Could Replace US Dollar
- Price Analysis 23/08: BTC, ETH, XRP, BCH, LTC, BNB, EOS, BSV, XMR, XLM