Posts in category

Tax


Jon P. Brose is a partner and Brett R. Cotler is an associate in the blockchain and cryptocurrency practice at the law firm of Seward & Kissel. The following article is an exclusive contribution to CoinDesk’s Crypto and Taxes 2018 series. Like so much else in cryptocurrency taxation, the rules for crypto funds – pooled investment vehicles that seek above-market returns from digital asset …

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Zac McClure is the Co-founder of TokenTax, a cryptocurrency tax startup. The following article is an exclusive contribution to CoinDesk’s Crypto and Taxes 2018 series. 2017 was a banner year for cryptocurrency–an expansive bull market, exciting new coins, and an explosion of crypto-related services. As cryptocurrencies finally reached the mainstream, regulators and governments have stepped …

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Lisa Zarlenga is Co-Chair of the Tax Group and John Cobb is an associate at the law firm of Steptoe & Johnson. The following article is an exclusive contribution to CoinDesk’s Crypto and Taxes 2018 series. In the last couple years, blockchain token issuances–sometimes referred to as initial coin offerings or ICOs–have skyrocketed, both in terms of number …

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Kirk Phillips is an entrepreneur, certified public accountant (CPA) and author of “The Ultimate Bitcoin Business Guide: For Entrepreneurs & Business Advisors.” The following article is an exclusive contribution to CoinDesk’s Crypto and Taxes 2018 series. Your attempt to get clarity around crypto tax brain teasers can result in some surprising and unexpected tax liabilities at …

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Mark Gladden is the sole proprietor of a digital asset mining and trading business in New Mexico. The following article is an exclusive contribution to CoinDesk’s Crypto and Taxes 2018 series. Benjamin Franklin’s 1789 axiom that “in this world nothing can be said to be certain, except death and taxes” is a pragmatic truth. It deals …

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Tanzeel Akhtar is an independent British journalist whose work has been published in the Wall Street Journal, CNBC, FT Alphaville, Investing.com, Forbes, Euromoney and Citywire. The following article is an exclusive contribution to CoinDesk’s Crypto and Taxes 2018 series. When tax season ends, will the crypto bear market end with it? With the April 17 U.S. deadline …

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Chandan Lodha is co-founder at CoinTracker, a portfolio and tax manager for cryptocurrency. He can be reached on Twitter here. The following article is an exclusive contribution to CoinDesk’s Crypto and Taxes 2018 series. As a hobbyist investor, my first foray into cryptocurrency was with Coinbase. I was buying a few coins here and there, and …

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Users of Credit Karma’s tax preparation software appear to be under-reporting their cryptocurrency holdings, according to data provided by the company. Fewer than 100 of the first 250,000 federal tax returns filed using the service reflected cryptocurrency gains or losses, the company reported. A spokesperson told CoinDesk in a statement that the “reporting of bitcoin …

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While the focus may be on the U.S. of late, cryptocurrency tax issues are becoming a global problem. India, for example, has responded by sending tax notices to crypto traders and investors after a survey found $3.5 billion in transactions may have been performed by citizens over the past 17 months. The country’s income tax department …

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Steve Latham is the chairman of Claritas, a new venture that provides consolidated views of crypto holdings, gains and losses. The following article is an exclusive contribution to CoinDesk’s Crypto and Taxes 2018 series. The cryptocurrency bull run of 2017 was awe-inspiring. The resulting taxable implications are not. Tax season is in full swing but there seem to …

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South Africans can declare cryptocurrency-related taxable income under standard rules, the country’s tax agency has said. In a statement issued on Friday, the South African Revenue Service (SARS) clarified its stance on tax treatment of cryptocurrencies, explaining that taxpayers who have either traded, received or mined cryptocurrencies are expected to report gains or losses Crypto …

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Mario “The Problem Solver” Costanz is a lifelong entrepreneur and the author of “Crypto Taxes Made Happy: The Definitive How-To Guide For Preparing Cryptocurrency Tax Returns In The United States,” available for free on Amazon. He was named to the “One to Watch” section of Accounting Today’s 2017 Top 100 Most Influential in Accounting List.  …

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Stevie D. Conlon is a vice president and tax and regulatory counsel, Anna Vayser is a product manager and Robert Schwaba is a senior tax and regulatory specialist with Wolters Kluwer. They acknowledge the contributions of colleagues John Kareken and Cynthia Lapins. The following article, an exclusive contribution to CoinDesk’s Crypto and Taxes 2018 series, …

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Sonya Baumstein is a crypto-accounting veteran at New Alchemy, a strategy and technology group focused on blockchain innovation and tokenization. The following article is an exclusive contribution to CoinDesk’s Crypto and Taxes 2018 series. With tax season upon us, the meteoric rise of cryptocurrencies may become a double-edged sword for participants in the United States. As crypto …

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Arizona’s cryptocurrency tax payments bill is being reworked, according to one of its sponsors, with the hope of putting it forward for a vote in the coming weeks. In an interview with CoinDesk, Arizona Representative Jeff Weninger detailed the work being done on the measure, which, as previously reported by CoinDesk, would allow residents in …

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Phil Karter, a former Justice Department Tax Division trial lawyer, is currently a partner in the Philadelphia Office of Chamberlain Hrdlicka. Kevin F. Sweeney, a former federal tax prosecutor, is a senior counsel in the same office. The following article is an exclusive contribution to CoinDesk’s Crypto and Taxes 2018 series. On February 23, Coinbase, …

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Spanish tax authorities have sent requests for information on cryptocurrency investors to over 60 companies, a source at the country’s tax agency confirmed to CoinDesk following reports in local media. According to the source, authorities have contacted 16 banks, around a dozen cryptocurrency exchanges and companies operating cryptocurrency ATMs and more than 40 businesses that …

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Malta’s government has released a new warning about a cryptocurrency margin trading site. StocksBTC claims on its website to be registered with the agency and to have a physical location in the country. That’s not true, according to the Malta Financial Services Authority (MFSA), prompting it to issue a warning Thursday to investors about the service. In addition, the …

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Perianne Boring is the founder and president of the Chamber of Digital Commerce. The following article is an exclusive contribution to CoinDesk’s Crypto and Taxes 2018 series. “April is the cruelest month….”   So, begins T.S. Eliot’s masterpiece The Waste Land. While the poet wasn’t referring to the U.S. tax season, it fits. And there is …

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Annette Nellen, CPA, CGMA, Esq. is a tax professor and director of the MST Program at San José State University. She is an active member of the tax sections of the AICPA, American Bar Association, and California State Bar, and chairs the AICPA Tax Executive Committee. Nellen maintains the 21st century taxation website and blog, including a website on …

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