Category: Taxes

10 Tax Tools to Help Crypto Owners

10 Tax Tools to Help Crypto OwnersWhile tax laws on cryptocurrency vary by jurisdiction, there are many useful tools to help you calculate crypto taxes, lower your tax liabilities, and simplify your filing — no matter where you are. Many of them work globally, supporting tax forms of multiple countries, and can import data directly from all major crypto exchanges. Also […]

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Why Portugal’s Tax-Free Crypto Trading Matters for Bitcoin

Why Portugal’s Tax-Free Crypto Trading Matters for BitcoinCryptocurrency enthusiasts and businesses in the industry have had to put up with regulatory uncertainty for quite some time. The strong desire to tap into their incomes and profits goes hand in hand with failure on behalf of authorities and regulators to fully understand the nature of decentralized digital assets. Not to mention how absurd […]

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Crypto Salaries Gain Regulatory Recognition Around the World

Crypto Salaries Gain Regulatory Recognition Around the WorldSalaries paid in decentralized digital coins have become a norm across the crypto industry, but there’s really no reason why cryptocurrencies can’t be used for remuneration by businesses in other sectors as well. In many jurisdictions that should be legal even in the absence of dedicated legislation. Switzerland, New Zealand, Japan and Estonia are a […]

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‘Not an Audit’: IRS Notice Could Spell Trouble for Crypto Traders

'Not an Audit' - IRS Notice Could Spell Trouble for Crypto TradersThe IRS took to Twitter on August, 26, posting a video about recently mailed CP2000 notices, of special interest to crypto traders. The notice, which seeks to rectify discrepancies made by recipients in tax reporting, is another in a series of crypto-related letters recently sent by the agency. Though the promised guidelines for reporting still […]

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The Most Important Aspect of Bitcoin Is the Separation of Money and State

Many cryptocurrency supporters believe the technology allows for the separation of money and state in a manner that’s never been seen before. Governments inflict two forms of robbery against nonviolent citizens by forcing them to pay taxes while also stealing from them silently through inflation. Now there’s a wide array of digital currencies competing in […]

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IRS Revoking Passports Shows How Government Erodes Everything We Hold Dear

Government Parasitism - Why Crypto, Geo-Mobility and Sustenance Are CriticalIf you have outstanding tax debt, the IRS may now want to take your passport. For U.S. crypto holders still waiting on promised IRS guidelines for filing — especially those overseas who may have missed these warning memos — the over 400,000 agency notifications issued since February last year are troubling. This kind of behavior […]

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These Portfolio Tracking Tools Will Also Prepare Your Crypto Taxes

These Portfolio TrackingTools Will Also Prepare Your Crypto TaxesTax season is months away, which is why you need to start preparing for it now. Leave everything to the last minute and you’ll only end up cursing your procrastination. Organize your cryptocurrency activity in advance and you’ll breeze through tax deadline day without so much as flinching. Despite maddeningly vague or unfair legislation, filing […]

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Can the Fed Kill Bitcoin? Navigating the Chokepoints of Tax Law and KYC

Can the Fed Kill Bitcoin? Navigating the 'Chokepoints' of Tax Law and KYCTaxes. The one word that can kill any buzz in seconds flat. Whether you’re a libertarian ranting about how taxation is theft or one of those fabled creatures who is actually happy to file them as their so-called civic duty, one fact remains: those who don’t give the government a bite — or make mistakes […]

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More Cities and Regions Accepting Coins for Taxes, Services

More Cities and Regions Accepting Coins for Taxes, ServicesCryptocurrency payments, as convenient as they can be, are still something most governments are trying to wrap their heads around and regulate. Local authorities, however, being closer to the citizens they are called upon to serve, are often quicker to adopt novelties that make their lives and the lives of ordinary people much easier. More […]

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Tax Expert: IRS Letters Confirm That Trading Cryptos Is a Taxable Event

Expert Insists IRS Letters Clarify - Exchanging One Crypto for Another Is TaxableThe U.S. Internal Revenue Service (IRS) announced on July 26 that 10,000 American cryptocurrency users will receive a letter reminding them to pay taxes or amend any mistakes on past filings. At the time, IRS Commissioner Charles Rettig said U.S. taxpayers should take the warning letters “very seriously.” Sean Ryan, CTO of Node40, a platform […]

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Reddit Roasts the IRS: Have America’s Tax Collectors ‘Gone Crypto Fishing’?

Reddit Roasts the IRS: Have America's Tax Collectors 'Gone Crypto Fishing'?In a juicy little chunk of news from the Redditsphere, a user claiming to be a former IRS employee has called the agency’s new crypto compliance letters “broad and very error-prone fishing expeditions.” The throwaway account details the “really bad data” used by the agency, saying they’re operating mostly from guesswork, casting broad nets and […]

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10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS

10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRSOn July 26, the U.S. Internal Revenue Service (IRS) announced that the tax agency has started sending letters to American cryptocurrency owners advising them to pay their taxes. According to the organization, three types of letters will be sent to more than 10,000 taxpayers by the end of August. The news follows the recent IRS […]

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The Next Big Financial Meltdown Is Around the Corner, Many Voices Warn

The Next Big Financial Meltdown Is Around the Corner, Many Voices Warn“The economy is looking great,” how many times have they told you that? And why do you usually hear it when you are late on a mortgage payment or during a downsizing purge at your company? Relying on your senses is always a safer bet than trusting the wishful thinking of those who invested political […]

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Georgia Exempts Bitcoin From VAT to Become the Next Country to Affirm Its Currency Status

Georgia Exempts Bitcoin From VAT to Become the Next Country Affirming Its Currency StatusCryptocurrency taxation is a subject that concerns a growing number of users, traders and investors. An area that creates a lot of confusion among taxpayers is the application of VAT, or the value-added tax most countries levy on the sales of goods and services. Georgia has become the latest nation to free crypto-fiat transactions from […]

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A History of Violent Intervention: John McAfee to Help Cuba Resist US Sanctions With Crypto

Former antivirus software guru and 2020 Libertarian presidential “hopeful” John McAfee is a controversial figure, polarizing opinion in politics and culture, and taking a bold stand against the U.S. federal government. Most recently this has involved offering to help the Cuban state develop its own cryptocurrency in the interest of avoiding U.S. interventionism in trade. […]

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IRS Agents Propose Draconian Tactics to Investigate Bitcoin Users

A Look at the Shocking Tactics IRS Agents Suggest Using to Investigate Bitcoin UsersA recently published U.S. Internal Revenue Service (IRS) slide describes alarming recommendations on how tax agents should deal with digital currency users who are not paying taxes. The slide recommends that agents question crypto users’ friends and family, comb through social media posts and issue subpoenas to make sure U.S. residents are paying taxes on […]

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Node40 Executive Explains What to Expect When the IRS Issues Its New Crypto Policy

Node40 Executive Explains What to Expect When the IRS Issues Its New Crypto PolicyLast May, the U.S. Internal Revenue Service (IRS) revealed it would be issuing new tax guidance and rules about the tax treatment of digital assets and forks. IRS Commissioner Charles Rettig told congressional leaders that the agency has made it a priority to issue crypto-related tax guidance. This week news.Bitcoin.com spoke with Sean Ryan, CTO […]

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IRS Plans to Issue Guidance on Virtual Currency Taxation

Internal Revenue Service (IRS) commissioner Charles Rettig has explained to U.S. representatives that the tax department plans to issue clearer guidance toward cryptocurrency taxation soon. Since 2014, Americans have been asking the tax agency for better clarification in regard to official tax guidelines. Also read: Last Will Platform Allows Your Loved Ones to Inherit Your […]

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Bitpay and Refundo Now Provide Tax Return Payouts in BTC

Bitpay and Refundo Now Provide Tax Return Payouts in BTCOn April 30, the global cryptocurrency payment processing firm Bitpay announced its partnership with the tax-related financial products and services provider Refundo. The collaboration will give U.S. residents the ability to receive all or a portion of their federal and state tax refunds in crypto. Also read: How to Create a Bitcoin Cash Wallet With […]

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Data Shows Short-Term Crypto Tax Filers Increase, But Lots of Investors Still Won’t File

Data Shows Short-Term Crypto Tax Filers Increase, But Lots of Investors Still Won't FileAccording to personal finance firm Credit Karma Tax, filers who reported short-term capital losses for cryptocurrencies in the first month of 2019 jumped fivefold year-over-year. After the incredibly bearish crypto markets of 2018, data from early tax filers highlights the fact that more investors are claiming losses this tax season. However, a survey the company […]

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This Short Animation Might Make You Think Twice About Taxes

This Short Animation Might Make You Think Twice About TaxesA Bitcoin Cash (BCH) supporter recently noted that the biggest hindrance to cryptocurrency adoption is tax laws and reporting taxes on digital currency usage. After reading the commentary, Bitcoin.com CEO Roger Ver shared a four-minute video about the subject of taxes in order to spark questions in the minds of people who might not understand […]

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Platform for Crypto Payments to Bank Accounts Launching in the UK

Platform for Crypto Payments to Bank Accounts Launching in the UKA company based in London has announced it’s launching a payment service that can help increase the mainstream adoption of cryptocurrencies. It allows users to send or spend digital coins which are converted and then transferred in the form of fiat money to the recipient’s bank account. Also read: ‘Bitcoin to the Moon’ Signs Appear […]

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5 Crypto-Friendly Countries to Base Your Business

Choosing the best country to set up a business is vital in this digital age, and especially so for crypto companies. As governments around the world continue to learn more about cryptocurrencies and elect to either crack down on them or allow them to flourish, some jurisdictions emerge as being better than others for launching […]

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Yellow Vest Movement Starts a New Form of Protest – Burning Banknotes

Yellow Vest Movement Starts a New Form of Protest — Burning BanknotesFor well over two months, the yellow vest movement in France has continued to keep itself illuminated with fervent protests against taxes, the banking system, and the region’s bureaucrats. On Feb. 1, a group of Gilets Jaunes working at the bill printing factory explained their plan to show the world they mean business by burning […]

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