Category: Taxes

IRS Will Seize Cryptocurrencies From Investors to Settle Tax Debts, Official Warns

IRS Will Seize Cryptocurrencies From Investors to Settle Tax Debts, Official Warns

An official of the U.S. Internal Revenue Service (IRS) has clarified that the agency is prepared to seize cryptocurrencies and sell them to satisfy tax collection if taxpayers fail to meet their tax obligations. Robert Wearing, IRS’ deputy associate chief counsel for Procedure & Administration, explained Wednesday that the agency can seize cryptocurrencies from taxpayers, […]

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Congressional lawmakers push for clearer accounting standards for digital assets

Congressional lawmakers push for clearer accounting standards for digital assets

On May 12, seven members of the U.S. Congress sent a letter urging the Financial Accounting Standards Board to establish clearer guidance on digital assets.  The letter says that “lack of thoughtful and carefully developed authoritative guidance from the FASB threatens the ability to create accurate and consistent financial reporting of a large and fast-growing […]

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Hungary to Cut Tax on Crypto Profits in Half, Down to 15%

Hungary to Cut Tax on Crypto Profits in Half, Down to 15%

The government in Budapest has put forward measures aimed at streamlining taxation and reducing the tax burden on businesses and citizens. As part of the package, Hungary plans to cut the tax levied on capital gains from cryptocurrency transactions, expecting to increase budget revenue with the move. Tax Cut to Attract Cryptocurrency Traders to Hungary […]

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South African Tax Collector Targeting Crypto Investors in Its Bid to Raise Extra Revenues

Latest reports from South Africa suggest that the country’s tax agency will now be targeting cryptocurrency investors as it attempts to increase the total value of revenues collected. Alongside high net worth individuals and offshore investors, digital currency holders now constitute an area that is “likely to yield much of the extra tax” for the […]

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Court Authorizes IRS to Summon User Records From Kraken Cryptocurrency Exchange

The Internal Revenue Service (IRS) has obtained court authorization to serve a John Doe summons on cryptocurrency exchange Kraken. The tax agency is seeking data of users with $20,000 or more in cryptocurrency transactions during the years 2016 to 2020. IRS Wants User Information From Crypto Exchanges The U.S. Department of Justice (DOJ) announced Wednesday […]

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Young Koreans Less Keen on Crypto Taxation Than Older Generations, Poll Finds

Opponents of the government’s plan to tax gains from cryptocurrency trading outnumber supporters among South Koreans in their 20s, a new survey shows. Representatives of other age groups are more open to the proposed taxation of investments in virtual assets. Nearly Half of Young Koreans Reject Tax on Crypto Profits According to the poll, a […]

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Tax Authority Seizes Cryptocurrencies Worth $25 Million From Hundreds of Crypto Investors in South Korea

The tax department of the Seoul metropolitan government in South Korea has reportedly seized cryptocurrencies worth about $25 million from hundreds of crypto investors with delinquent taxes. The cryptocurrencies, including bitcoin, were seized from three exchanges. The tax authority is now going after hundreds more taxpayers who are delinquent on paying their taxes. Crypto Seizure […]

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Miami-Dade Officials Hope to Launch a Crypto Task Force, Residents Could Pay Taxes in Bitcoin Soon

Back in mid-February, Bitcoin.com News reported on Miami’s Mayor Francis Suarez supporting the idea of the city holding bitcoin in the treasury and allowing tax payments in bitcoin as well. On April 15, 2021, reports show that the city may introduce the tax payments concept soon, as the District 8 county commissioner Danielle Cohen Higgins […]

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Proposed Miami-Dade crypto task force would explore whether to accept crypto for county payments

Residents of Miami-Dade County in the U.S. state of Florida may one day be able to pay their taxes in the form of cryptocurrency. A memorandum made public on Thursday indicates that Miami-Dade County commissioner Danielle Cohen Higgins has proposed the creation of the Miami-Dade Cryptocurrency Task Force, which, among other objectives, would seek to […]

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IRS commissioner says crypto reporting standards from Congress would ‘absolutely’ help close U.S. tax gap

Internal Revenue Service (IRS) Commissioner Charles Rettig says reporting requirements for cryptocurrency could be a significant help in closing the tax gap. Rettig’s comments came during a Senate Finance Committee hearing Tuesday. During the hearing, Sen. Rob Portman (R-OH) sought Rettig’s feedback on the subject, saying he’s drafting a bill that would establish crypto tax […]

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