Category: Taxes

IRS Modifies Crypto Question on Tax Form — Now Focusing on Taxable Cryptocurrency Transactions

IRS Modifies Crypto Question on Tax Form — Now Focusing on Taxable Cryptocurrency Transactions

The U.S. Internal Revenue Service (IRS) has modified the crypto question asked on the main U.S. tax form. Reducing the scope of the question, the IRS now focuses on taxable cryptocurrency transactions. New Crypto Question on Tax Form 1040 The IRS published a draft Form 1040 for the tax year 2021 Thursday. Form 1040 is […]

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Report: Tweaks to South African Tax Filing System to Result in Decreased Crypto Arbitrage

Report: Tweaks to South African Tax Filing System to Result in Decreased Crypto Arbitrage

Reports from South Africa suggest that tax authorities have plugged a loophole on the online tax filing system that enabled crypto arbitrage traders to make several purchases on overseas cryptocurrency platforms using just one approval. As a consequence of these tweaks, crypto arbitrage traders are now forced to make a new application each they need […]

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NCLA Files Appeal Against the IRS — Law Firm Claims Tax Agency Unlawfully Seizes Crypto Data of Thousands

NCLA Files Appeal Against the IRS — Law Firm Claims Tax Agency Unlawfully Seizes Crypto Data of Thousands

On Friday, the public interest law firm New Civil Liberties Alliance (NCLA) filed an opening brief in the cryptocurrency case of James Harper v. Charles P. Rettig. The NCLA argues that Harper’s Fourth and Fifth Amendment constitutional rights were violated by the Internal Revenue Service (IRS). The U.S. tax agency is accused of obtaining Harper’s […]

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Spanish Congress Passes Antifraud Law: Users Will Have to Disclose Crypto Holdings Inside and Outside Spain

Spanish Congress Passes Antifraud Law: Users Will Have to Disclose Crypto Holdings Inside and Outside Spain

The Spanish Congress has approved the antifraud law that was amended last month by the senate. Spanish citizens must now inform about their crypto holdings even outside the country. The new law further establishes severe fines for citizens who fail to share this information with authorities. A limit on how much money citizens can pay […]

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Choice’s Ryan Radloff is trying to make tax efficiency sexy to crypto fanatics

Choice’s Ryan Radloff is trying to make tax efficiency sexy to crypto fanatics

Quick Take Choice by Kingdom Trust is packaging up bitcoin investments in retirement accounts, allowing customers to delay tax payments linked with crypto trades.  The company recently crossed $2 billion in assets under management, but crypto heavyweights like Coinbase are now expanding into the market. This feature story is available to subscribers of The Block […]

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Korean Government Confiscates $47 Million in Crypto From Tax Evaders

Korean Government Confiscates $47 Million in Crypto From Tax Evaders

South Korean authorities have identified thousands of tax evaders as part of an intensifying crackdown on tax dodging among crypto investors. Following a prolonged investigation, the government has reportedly seized cryptocurrency worth millions of dollars. Tax Agents Target Wealthy Tax Evaders in Greater Seoul Area More than 53 billion Korean won ($47 million) in crypto […]

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Spain Prepares for Tax Returns Season With Crypto Traders in Sight

Spain Prepares for Tax Returns Season With Crypto Traders in Sight

Spain nears the final day for its citizens to file their tax statements, and this year cryptocurrency traders are in the sights of tax authorities. Any trader that has obtained revenue after selling cryptocurrencies must file taxes and pay a percentage of the operation. However, many new traders are still unsure of what needs to […]

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Denmark to Revise Tax Law to Target Cryptocurrencies

Denmark to Revise Tax Law to Target Cryptocurrencies

The Danish tax ministry is reportedly mulling over revising the country’s tax law to deal with the challenges posed by cryptocurrencies. Denmark’s tax authority is concerned about the rising risk of fraud and widespread filing errors involving cryptocurrencies. Denmark to Revamp Tax Law to Deal With Cryptocurrency Denmark is considering revamping its tax code in […]

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IRS Seeks Congressional Authority to Obtain Data on Cryptocurrency Transactions

IRS Seeks Congressional Authority to Obtain Data on Cryptocurrency Transactions

The U.S. Internal Revenue Service (IRS) says it needs congressional authority in order to obtain the information needed to regulate cryptocurrency. “We get challenged frequently and to have a clear dictate from Congress on the authority for us to collect that information is critical,” IRS Commissioner Charles Rettig said. IRS Says It Needs More Authority […]

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