Posts in category

Tax


The chief accountant for the Securities and Exchange Commission has said that companies have a responsibility to follow accounting standards when working with blockchain and digital assets. Wesley Bricker spoke before the AICPA National Conference on Banks & Saving Institutions in Washington, D.C., on Monday, remarking that “it is essential to keep in mind that …

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Several blockchain associations in South Korea are pushing back against a government plan they fear will stifle industry innovation. The groups are objecting to a proposal aired by South Korea’s Ministry of SMEs and Startups on Monday for an amendment to the country’s existing venture business law that would, if enacted, exclude cryptocurrency exchanges from the category …

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Cryptocurrency exchanges in South Korea may soon lose eligibility for significant tax benefits currently granted to smaller companies. A proposed revision to the existing tax law, announced by the South Korean government on Monday, would exclude crypto exchanges from the category of startups or small and medium enterprises (SMEs) that can claim a tax cut …

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The South Korean government has announced a plan to revise the current tax rules to widen benefits for companies that focus on the development of nascent technologies, including blockchain, as part of the country’s push for innovation growth. Announced Wednesday, after a meeting of ministers from eight government agencies working on economic policy, tax rates are …

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The Internal Revenue Service (IRS) announced Monday that a new joint force of tax enforcement authorities will combat international and transnational tax crimes – including cybercrimes facilitated through cryptocurrencies. Tax enforcement agencies from the U.K., Australia, Canada and the Netherlands will join the IRS in forming the Joint Chiefs of Global Tax Enforcement (J5) to prosecute …

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India’s highest court has declined to end a ban enacted by the national central bank that bars the country’s crypto exchanges from doing business with regulated financial firms. Bloomberg reported Tuesday that the Indian Supreme Court, led by Chief Justice Dipak Misra, said that the Reserve Bank of India’s (RBI) prohibition on providing services to crypto-related …

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Japan’s top financial official is cautious about the idea of his nation changing how it taxes gains from cryptocurrencies. During a meeting with the budget committee of the Upper House on June 25, Senator Kenji Fukimaki asked whether Japan’s tax policy on cryptocurrency profits could be changed from its current “miscellaneous income” classification to “separate …

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Cryptocurrencies are “tailor-made” for foreign powers hoping to influence American elections, a security consultant told a group of U.S. senators on Tuesday. Scott Dueweke, director of threat analysis company DarkTower, was one of several witnesses appearing before the Senate Subcommittee on Crime and Terrorism to discuss the potential use of cryptocurrencies by foreign agents in order to …

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South Korean cryptocurrency exchange Bithumb has been found not guilty of tax evasion, but now faces a massive tax bill, according to reports. The country’s National Tax Service launched an investigation into the firm back in January amid a wider crackdown on crypto exchanges, and has now cleared the company of wrongdoing. However, Bithumb – …

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Arizona’s long-in-the-making cryptocurrency tax payments bill has been further stripped down – so much so that it no longer mentions the technology at all. The final version of Senate Bill 1091 does not mention cryptocurrencies in any way, despite three previous versions of the bill all specifically including cryptocurrencies as a possible payment method, public …

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A public utility in one of the U.S. hot spots for bitcoin mining is adopting new security measures in light of harassment of some of its employees. The steps are being taken by the Chelan County Public Utility District (PUD) in Washington County – as previously reported, the area has attracted a number of bitcoin miners …

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Arizona’s cryptocurrency tax payments bill was passed by the state’s House of Representatives, but with a caveat: it is now almost completely different. Public records show that the Arizona House of Representatives passed Senate Bill 1091 on April 30 by a 43-14 vote. That comfortable passage aside, the measure is now starkly different from the one …

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Amateur cryptocurrency investors in France are currently stung heavily when it comes to tax day, but that is about to change, reports indicate. The French Council of State, the body that advises the government on legal matters and acts as the supreme court for administrative matters, announced Thursday that profits arising from cryptocurrency sales should …

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A key committee in Arizona’s House of Representatives has given its blessing to a bill that would clear the way for the state to accept cryptocurrencies as payment for taxes. The House Rules Committee voted to approve the measure – which as CoinDesk previously reported has been subject to revision – on Monday, ending what …

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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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