U.S. Senator Formulating Bill to Eliminate Crypto Tax Evasion

2021-4-22 23:01

Senator Rob Portman (R-OH) is creating a bipartisan bill aimed at making life harder for crypto tax evaders. In an interview on CNBC’s Squawk Box on April 20, 2021, the politician made it clear that his bill will foster better information reporting on bitcoin (BTC) and more.

Closing the Crypto Tax Evasion Gap Getting bitcoinRead More.

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Источник: btcmanager.com

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Bithumb Crypto Exchange Reportedly Considers Litigating $68.9M Tax Bill

South Korean cryptocurrency exchange considers litigation after the local tax authority imposed a $68.9 million tax bill on it

2019-12-29 16:02	Asia
tax bill considers exchange authority local imposed

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Crypto Tax Bill, Virtual Value Tax Fix Act, Is Reintroduced By North Carolina Congressman

Ted Budd, a Republican Congressman from North Carolina, has recently decided to reintroduce a crypto tax bill this week. The law will be a move to the Ways & Means Committee of the House of Representatives soon.

2019-8-8 23:55	Legal & Regulation
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Crypto Tax Bill Introduced in the US House of Representatives

A U.S. lawmaker has introduced a bill that, once law, would free up cryptocurrencies from double taxation under current regulations

2019-8-8 23:17	Taxes
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North Carolina Congressman Reintroduces Crypto Tax Bill

Reintroduced cryptocurrency tax legislation is taking aim at the IRS's current code

2019-8-8 21:00
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World Series of Poker Champ Wins $10 Million – Here’s His Crazy Tax Bill

Hossein Ensan survived a field of 8,569 expert gamblers to sweep poker’s most prestigious event, the World Series of Poker. The Iranian-born German earned the highly-coveted WSOP bracelet and a cool $10 million.

2019-7-18 21:12
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Georgia reaffirms bullish attitude on crypto after it exempts Value Added Tax (VAT) on Bitcoin

Georgia has joined the elite list of countries to have exempted Value Added Tax (VAT) on Bitcoin. A bill regarding the same was recently passed and made into a law after it was signed by Georgia’s Finance Minister, Nodar Khaduri.

2019-7-13 13:30
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Congressman reintroduces bill to reduce tax rates on crypto-earnings

American crypto-users have been using digital coins since their conception and the bull run of Bitcoin [BTC] has attracted more crypto-fans and spurred wider adoption. Due to this fact, US became the highest traffic generator for the world’s popular crypto-exchanges.

2019-7-11 03:30	News
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Bitcoin Bull’s $800,000 Tax Bill Due as Israeli Court Rules Crypto is ‘Property’

By CCN: An Israeli court has ruled that Bitcoin is not a currency but rather an asset. This was in a case brought forth by Noam Copel, a blockchain entrepreneur, according to business publication Globes.

2019-5-22 15:39
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IRS Commissioner Makes Crypto Tax Clarity a Priority

The U. S. Internal Revenue Service (IRS) is planning to overhaul its methods for determining the federal taxes due on cryptocurrency payments to improve clarity for taxpayers.

2019-5-21 20:54	Regulation
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Minnesota Representative to Reintroduce Hard Fork Tax Reform Bill

Minnesota Congressional Representative Tom Emmer has announced plans to reintroduce a bill meant to “provide temporary safe harbor for the tax treatment of hard forks of convertible virtual currency in the absence of administrative guidance.

2019-5-17 18:34	Regulation
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Congressman Emmer to Reintroduce Tax Bill Focused on Crypto Hard Forks

U.S. Representative Tom Emmer plans to reintroduce a bill that would benefit taxpayers holding cryptos resulting from blockchain hard forks.

2019-5-16 15:00
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Bitcoin-Bashing Democrat Calls for Blanket Ban on Cryptocurrencies

By CCN: Bitcoin-bashing Democrat Congressman Brad Sherman is urging his colleagues to pass a law that would ban cryptocurrencies in the United States. “I look for colleagues to join with me in introducing a bill to outlaw cryptocurrency purchases by Americans, so that we nip this in the bud.

2019-5-10 06:58
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Op Ed: Answering 10 Common Questions About Cryptocurrency and Taxes

Depending on what country you live in, your cryptocurrency will be subject to different tax rules. The questions below address implications within the United States, specifically, but similar issues arise around the world.

2019-3-29 18:20	Op-ed
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Vive La France! Facebook, Google, and Amazon Face $452 Million Tax Bill

France expects to collect $452 million in 2019 through a new digital tax that targets 30 Big Tech companies, including Facebook, Google, Amazon, and Apple. On March 6, the French government introduced a 3% digital-services tax on tech giants that earn hefty revenues in France through targeted ads or digital marketplaces.

2019-3-7 00:42	Google
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Senate of Utah May Offer Reprieve from Money Transmitter Act for Blockchain Tech Companies

Blockchain technology is still trying to find its place in the US economy, and there has been many regulations that outline what it can and can’t do. Tax laws and other regulations have been customized to promote innovation, but a new bill has been brought to the Utah Senate that would provide them with another […]

2019-3-5 00:38	News
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California Bill Would Legalize Crypto for Tax Payments From Cannabis-Related Businesses

A new bill in the California State Assembly would allow tax payments from cannabis-related businesses in stablecoins

2019-3-1 03:55
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Blockchain Advocacy Coalition Sponsors Bill to Allow Crypto for Legal Cannabis Tax

Activist group Blockchain Advocacy Coalition (BAC) has sponsored a bill in California’s 19th State Assembly District, set to allow legal cannabis businesses in the district to pay their state taxes using cryptocurrency.

2019-3-1 20:16	Regulation
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Putin Sets July Deadline For Cryptocurrency Law in Russia

Russia’s long-running cryptocurrency regulation saga may soon be at an end as Vladimir Putin has ordered a deadline of 1st July 2019 for the approval of the ‘crypto-sphere’ bill.

2019-2-28 20:00	Russia
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Wyoming Passes New Friendly Regulations for Crypto Assets

The Wyoming state government has been expanding its status as a hub for crypto and blockchain technology by passing several new bills this February. According to Wyoming-based blockchain advocate Caitlin Long, the state of Wyoming has recently passed resolution SF0125 on February 14, 2019, claiming that Wyoming “law recognizes property rights in the direct ownership of digital assets.

2019-2-15 22:18	Regulation
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You Won’t Believe How Many US Voters Back the ‘Extreme’ 70% Tax Rate in Ocasio-Cortez’s Green New Deal

According to data from Navigator Research, a recent poll concluded that almost half of Americans support a 70% marginal tax on income earned above $10 million. Without explanation, 48% of people polled favored the proposition from the Green New Deal.

2019-2-15 19:51
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Bill Gates: ‘Extreme’ Alexandria Ocasio-Cortez’s Tax Reforms Would ‘Create Tax Dodging’

What does America’s second wealthiest man think of Ocasio-Cortez’s tax reforms? Bill Gates believes that talk of a top-rate tax of 70 percent is “extreme” and completely “missing the picture. ” In an interview with the Verge, Gates spoke out on his views of the taxation reforms.

2019-2-15 15:39
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New Hampshire Lawmakers to Allow Residents Pay Tax with Bitcoin and Cryptocurrency

A newly put forward cryptocurrency law in New Hampshire is getting some considerable progress. The law will give the people living in the state the opportunity to pay taxes using cryptocurrency. The bill recently scaled its initial reading as it was passed unanimously by a subcommittee on the House Executive Departments and Administration Committee. House […]

2019-2-9 17:48	News
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Crypto Tax Bill Clears First Hurdle in New Hampshire Legislature

A New Hampshire bill to let the state accept taxes in the form of cryptocurrency has passed its first legislative hurdle.

2019-2-9 00:05
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New Hampshire Bill to Legalise Cryptocurrency Payments for Tax Passes Sub-Committee

New Hampshire is a step closer to begin accepting cryptocurrency as a form of tax payment. As of February 2, 2019, the house sub-committee voted unanimously on a bill that would allow such payments.

2019-2-5 22:00	Wyoming
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New Hampshire Closer to Accept Bitcoin for Taxes as Subcommittee Votes Yes

The state of New Hampshire has moved one step closer to accepting Bitcoin for tax payments. The state’s House Subcommittee has unanimously approved Bill 470-FN filed January 5th, 2019. New Hampshire House Bill Uninmously Approved Earlier in January, Bitcoinist reported that House bill 470-FN has been filed, seeking the acceptance of cryptocurrencies as payment for taxes, as well as fees by state agencies.

2019-2-4 14:00
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Indiana, New Hampshire May Be Next to Accept Bitcoin for Taxes

A house bill for amending the currently existing taxation Code of Indiana has been filed January 24 seeking acceptance of cryptocurrencies for paying taxes. Another bill requiring the state treasurer of New Hampshire to develop an implementation plan for accepting cryptocurrencies for tax payments has also been filed.

2019-1-27 01:00	Taxes
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Indiana, New Hampshire May Be Next to Accept Cryptocurrencies for Taxes

2019-1-27 01:00	Taxes
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New Hampshire Lawmakers Introduce A Bill Seeking Approval For State-Level Crypto Tax Payments

Republican senators Dennis Acton and Michael Yakubovich of New Hampshire have introduced House Bill 470 that seeks to allow state agencies to accept cryptocurrencies as payment. State Treasury, Department of Administrative Services, and the Department of Revenue Administration have been contacted to give their feedback on the issue. For the bill, the Department of Administrative […]

2019-1-24 12:41	News
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Lawmakers Pitch New Crypto Tax Payments Bill in New Hampshire

A New Hampshire bill would require state agencies to accept cryptocurrency as payment for fees and taxes.

2019-1-24 00:21	Legislation
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Elections Canada Consults With Political Parties on Crypto Donations

According to Elections Canada, the agency that runs federal elections in Canada, there has been “a growing interest” in cryptocurrency donations. This trend has prompted some political parties to ask for a ruling on how best to manage bitcoin and other cryptocurrency political donations and how to navigate the various reporting systems required by both Elections Canada and the parties so that they comply with the Canada Elections Act.

2019-1-24 20:28	Regulation
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Swedish Man Goes to Court over “Absurd” Cryptocurrency Tax Bill

Swedish Man Linus Dunkers has filed a court case after being charged $885,000 in tax for Cryptocurrency trading. An amount he says is over three times all the profit he made, as per a report from SVT January 20, 2019.

2019-1-23 09:59
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Swedish Trader Expects to Pay 300% of Crypto Profits to Tax Agency

According to local media, a Swedish cryptocurrency trader is anticipating receiving a tax bill of approximately $1 million after conducting approximately $2. 9 million worth of trades across tens of thousands of transactions made since 2014.

2019-1-22 17:50
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Hive Criticizes Norwegian Government Amid Concession Cuts to Miners

Hive Blockchain Technologies has published an update regarding the company’s response to the Norwegian Parliament’s recent approval of a legislative bill that will restrict cryptocurrency miners from accessing the tax relief on electricity consumption available to other power-intensive industries.

2019-1-2 12:35
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US Lawmakers File Bill to Exclude Cryptocurrencies From Securities Definition

Two U. S. congressmen have introduced a bill aimed at amending the country’s securities laws to exclude cryptocurrencies from the definition of a security. The bipartisan bill also seeks to adjust taxation and create tax exemptions for certain cryptocurrency transactions.

2018-12-21 17:45	Virtual Currency
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US Lawmakers Proposing a Bill to Challenge SEC’s Definition of Crypto as Securities

CoinSpeaker US Lawmakers Proposing a Bill to Challenge SEC’s Definition of Crypto as Securities Two U. S. congressmen Warren Davidson and Darren Soto, are introducing a bill that would exclude digital currencies from securities classification and substantially improve the tax treatment for cryptocurrencies.

2018-12-21 12:03	XRP
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Congressmen Introduce Bill to Change Securities Definition to Exclude Cryptocurrency

Two congressmen are introducing a bill that would exclude digital currencies from securities classification and substantially improve the tax treatment for cryptocurrencies. The new definition could benefit current cryptocurrency projects—such as Ripple’s XRP—and allow for ICOs and STOs to fundraise with more clarity.

2018-12-21 02:03	Taxes
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British Lawmaker Proposes Tax and Utility Bill Payments in Bitcoin

U. K. lawmaker Eddie Hughes has proposed that taxpayers should have the option to pay council tax and utility bills in cryptocurrencies such as BTC. The 50 year-old conservative legislator for the Walsall North constituency said the move would place the country at the forefront of digital currency adoption in Europe.

2018-12-12 23:55
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France will tax tech giants in 2019 if EU doesn’t step up

Plans for EU-wide digital services tax to prevent tax evasion were struck down this week as the proposal didn’t receive unanimous support from all 28 member states. This happened despite Germany and France‘s attempt to reach a consensus by proposing a bill full of concessions, which would specifically target behemoths like Google and Facebook.

2018-12-6 13:08	Tech
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Understanding Cryptocurrency Taxes: How to Calculate Your Bitcoin Taxes 101

You made big money trading Bitcoin but you don't know how to calculate your IRS tax bill? Learn how to figure your Bitcoin capital gains taxes right here. The post Understanding Cryptocurrency Taxes: How to Calculate Your Bitcoin Taxes 101 appeared first on CoinCentral.

2018-12-5 22:12
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Ohio Gives Green Light to Paying Taxes With Bitcoin

Ohio is now setting up an official website to allow businesses to pay taxes with bitcoin. According to a recent article published by the Wall Street Journal (WSJ), the state of Ohio seems to have given tacit acceptance to bitcoin by allowing businesses, although not individuals, to pay all manner of taxes with the cryptocurrency.

2018-11-27 21:32	Adoption
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Law Firm: South Africa’s Draft Tax Law Could Affect Cryptocurrency Use

A South African law firm has published a short essay on proposed tax legislation for cryptocurrency in the country. Cox Yeats Attorneys, a Durban-based firm, argues that the Taxation Laws Amendment Bill, published by the National Treasury in July, will be bad for the digital asset industry, according to local media reports.

2018-11-26 18:15
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French Crypto Traders Might Benefit from Lower Tax

In France, taxes on capital gains from Bitcoin trading might be cut to 30% from the current rate at 36.2%, as per a new budget bill amendment.

2018-11-9 13:48	News
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How to Ruin Life Trading Cryptos: College Student Turned $5k Investment into $400k Tax Bill

CoinSpeaker How to Ruin Life Trading Cryptos: College Student Turned $5k Investment into $400k Tax Bill A Californian student thought that he had the run of his life last year by turning his small $5,000 investment into cryptocurrency to $880,000 in December 2017.

2018-11-8 17:04
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French Lawmakers to Lower Cryptocurrency Tax by 6 Percent

French lawmakers have adopted an amendment to the 2019 budget bill that will cut capital gains tax on bitcoin sales to 30 percent from 36. 2 percent. This will bring cryptocurrency transactions in line with other non-real estate assets, which are taxed at a flat rate of 30 percent.

2018-11-8 02:00	tax
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San Francisco passed a $300 million bill to address its homelessness problem

For those who ascribe to progressive values, the results of yesterday’s US midterm elections will undoubtedly be heartening. One positive development, besides the Democrats wresting control of the House of Representatives from the GOP, is the passage of Proposition C in San Francisco.

2018-11-7 11:43	Insider
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Student Turns $5K into $800K Trading Crypto, But Now Owes $400K in Taxes

One college student turned his $5K investment into $880k but now says trading “ruined” his life as he’s facing $400k in cryptocurrency taxes. From Big Profits to a Tax Nightmare An anonymous college student recently posted on Reddit to solicit advice about what to do while they face a massive tax bill in the wake of cryptocurrency trading.

2018-11-4 13:00	Taxes
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Czech Bank Launches Cryptocurrency-Friendly Services

A commercial bank in the Czech Republic is now offering online services that combine traditional financial features with those for cryptocurrency users. Expobank CZ says its customers will be able to trade cryptocurrencies, invest in startups, and buy precious metals through their accounts.

2018-10-27 12:15	trading
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Bill Proposes Tax Holiday for Cryptocurrency Businesses in Ukraine

A draft bill introducing tax breaks for entrepreneurs and companies dealing with cryptocurrencies has been filed in Ukraine’s parliament, the Verkhovna Rada. The authors of the bill have called for tax exemptions for entities working in the sector until the end of 2029.

2018-10-24 03:15
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Spain Approves Bill Requiring Disclosure of Cryptocurrency Assets

The Spanish government has approved a draft anti-fraud law that, among other things, will require investors in cryptocurrencies such as bitcoin cash to declare all of the assets they hold at home and abroad, according to local media reports.

2018-10-23 17:15	tax
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