Tag: taxes

Apr 16 2021

Miami-Dade County Could Soon Let Residents Pay Taxes With Bitcoin

Apr 16 2021 Published at Bitcoin Magazine under tags  business miami taxes

A Miami-Dade County commissioner is exploring the feasibility of residents paying their taxes and fees in bitcoin and other cryptocurrencies.Danielle Cohen Higgins, District 8 County’s commissioner and representative on the Miami-Dade Board of County Commissioners, is putting forth a resolution for establishing a cryptocurrency task force that would assess the feasibility of allowing residents to pay for county...

Apr 15 2021

Bought NFTs? There’s A Tax For That, And Other Ways The IRS Is Eyeing Crypto

Apr 15 2021 Published at Bitcoinist.com under tags  bitcoin btc btcusd btcusdt crypto

NFTs volume is dropping after an initial bubble-like storm of interest and millions pouring into the emerging digital goods market. But it could be because crypto investors are realizing as they wrap up last year's taxes – extended to May 17 in the United States – that buying such tokens with Ethereum results in a taxable transaction. Here's some of the tax pitfalls...

Apr 07 2021

Investor or Creator? How to Pay Taxes on NFTs

Apr 07 2021 Published at Crypto Briefing under tags  analysis interview nfts taxes

The NFT market is booming, but many participants are still in the dark when it comes to their tax liability. Crypto Briefing spoke with Gilded Finance CFO Joey Ryan to clear things up. Paying Taxes on NFTs: Creators and Investors...

Apr 04 2021

IRS gets access to crypto exchange Circle’s user data, targets Kraken next

Apr 04 2021 Published at CryptoSlate under tags  exchanges regulation taxes

Shortly after getting a court authorization to obtain records of cryptocurrency exchange Circle’s customers, the US Internal Revenue Service (IRS) is now seeking to get access to similar data from trading platform Kraken. “Those who transact with cryptocurrency must meet their tax obligations like any...

Mar 30 2021

Despite no laws, Indian minister says traders must pay taxes on Bitcoin

Mar 30 2021 Published at CryptoSlate under tags  btcusd taxes

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. The sector exists in a legal grey area in...

Mar 23 2021

CryptoTrader.Tax Review: A Guide to Calculating Crypto Taxes

Mar 23 2021 Published at Crypto Briefing under tags  business cryptotrader.tax taxes

The tax year's filing deadline is approaching, which means many crypto users will need to submit their returns. While many find filing taxes can be an arduous task, the process gets even more complicated when you have to factor in activities like trading, airdrops, and mining. Tax rules for cryptocurrencies have historically been fairly opaque, but authorities have clarified their stance in...

Mar 21 2021

Crypto.com Unveils Crypto Tax Feature for Canada

Advancing in its mission to facilitate global crypto adoption as well as foster the transition from fiat to cryptocurrency, leading cryptocurrency exchange Crypto.com has unveiled a new feature that makes it easier for Canadians to file crypto taxes. Announcing the new initiative via an official blog post, Crypto.com noted that the...

Mar 12 2021

A $69 Million NFT

PLUS: Could EIP 1559 Cause a Fork? NFTs continued to catch the crypto industry’s imagination this week, as headlined by Beeple’s “Everydays” sale at Christie’s Auction House in New York. The cliche goes that a picture is worth a thousand words, although, with the latest sale of the “Everydays” NFT, we may have to readjust our math now that we know 5,000 images...

Mar 10 2021

Crypto.com Launches Tax Product for Canadians

Mar 10 2021 Published at Crypto Briefing under tags  business canada crypto.com taxes

Crypto.com has announced the launch of a free service that will make filing cryptocurrency taxes in Canada easier. Crypto Tax for Canadians According to the company, its new service "makes it easy to file complicated crypto taxes." Users can import transactions from supported exchanges, and the platform...

Mar 08 2021

New IRS Operation Threatens Crypto Tax Dodgers With Jail

Mar 08 2021 Published at Crypto Briefing under tags  civil criminal education evasion irs

A newly launched IRS initiative called Operation Hidden Treasure was announced on Friday as part of a crackdown on widespread crypto tax evasion. IRS Searching For Telltale Signs of Tax Evasion Operation Hidden Treasure was...

Mar 04 2021

DeFi Taxes 2021: How to Pay Tax on Borrowing, Lending, Yield Farming, and Liquidity Pool Funds

Mar 04 2021 Published at Crypto Briefing under tags  aave analysis defi tax taxes

Taxes are one of the more opaque issues in crypto, with many investors still unsure how to calculate taxes on earnings or whether they owe taxes at all. The DeFi space, in particular, has many moving parts when it comes to taxation and asset classes. Crypto Briefing has put together a brief guide that lays out how users' DeFi income might be...

State of Kentucky Will Give Tax Exemptions for Bitcoin Mining

Mar 04 2021 Published at Crypto Briefing under tags  business mining taxes us regulation

Lawmakers in the American state of Kentucky have approved a new bill that would give sales tax breaks to cryptocurrency mining firms. Tax Breaks for Bitcoin Mining The lower house of Kentucky has approved...

U.K. tax authorities freeze capital gains tax signaling short term victory for crypto investors

Mar 04 2021 Published at CryptoSlate under tags  regulation taxes

U.K. crypto investors braced themselves for significant changes in the treatment of Capital Gains Tax (CGT). But these fears were ill-founded as Chancellor Rishi Sunak delivered his budget just after noon today. The government opted to freeze thresholds for Income Tax, Inheritance Tax, Pensions Allowance, VAT registration, and Capital Gains Tax....

Mar 03 2021

You Don’t Need to Report Bitcoin With Dollars, Says IRS

Mar 03 2021 Published at Crypto Briefing under tags  analysis irs taxes us regulation

New instructions from The Internal Revenue Service (IRS) say taxpayers do not need to report their crypto purchases made with the dollar. IRS Eases Investors' Tax Load The IRS has provided more clarity when answering the mandatory "Yes/No" question about "virtual currency" transactions on the personal...

Mar 01 2021

Bitcoin And Taxes

Tax season can be confusing enough with complicated rules about what types of income are taxable and which are not; what can be written off and what can’t; and which assets need to be listed and which do not. Add to that the confusion around digital currency and...

Feb 17 2021

India Plans Twin Taxes on Exchanges and Traders Before Passing Crypto Bill: Report

A senior Finance Ministry official told a newspaper that taxation does not necessarily imply legality.

Feb 11 2021

The Top 15 Crypto-Friendly Tax Havens

An increasing number of investors and companies are ready to relocate to tax havens where cryptocurrencies are tax-exempt or have crypto-friendly tax policies. In this guide, Crypto Briefing walks through the top 15 destinations. Leading Tax Havens for Crypto Traders Cryptocurrencies have proven to be a lucrative asset...

Jan 27 2021

Bitcoin ‘Underperforms’ During Tax Time: Analysis

Bitcoin's price is going down for many reasons including traders who realized gains last year selling to pay their tax bills.

Does the IRS Have Your Coinbase Data?

Jan 27 2021 Published at Crypto Briefing under tags  coinbase education irs taxes

Crypto investors are often unclear about their duties when it comes to filing taxes. The following guide examines the rules that Coinbase users should be aware of when it comes to tax season. What Information Did Coinbase Collect? Though all crypto investors must report their capital gains, Coinbase has become well-known for working...

Jan 09 2021

8 Ways to Reduce Your 2020 Crypto Tax Bill

Jan 09 2021 Published at Crypto Briefing under tags  education investing irs taxes trading

A new year means preparing to pay taxes, which affects every single crypto enthusiast. But getting it right and keeping the IRS off your back is no easy task. Crypto taxes can encompass capital gains tax and income tax. The fee differs depending on the user's activity (roughly, capital gains tax applies to trading and investing, whereas income tax is charged for mining...

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