• After moving to request all cryptocurrency exchanges to report to the country’s watchdog agency, the Australia Taxation Office (ATO) will be collecting Capital Gains Tax (CGT) on cryptocurrency gains, essentially classifying them as assets. Cryptocurrency = Asset Liz Russel, a senior tax agent at a private Australia online tax return service, shared some insights on the way theATO will be treating cryptocurrency gains and what people should expect. Just like in the majority of countries, there

    Got Bitcoin Mate? Because Australia Wants a Piece of Your Profits

    | 2018/06/19 6:00 am
  • South Korea’s National Tax Service (NTS) has requested $30 billion won ($28 million) in taxes from major cryptocurrency exchange Bithumb in a move which has gained positive feedback from the community. Bithumb ‘Will Not Object’ To Tax Bill Local media reported on June 8 that Bithumb, which posted revenues of 427 billion won ($397 million) in 2017, will pay the bill following an audit from South Korea’s Internal Revenue Service (IRS). As a result of the

    South Korea Claims $28M Tax From Bithumb But Finds No ‘Illegal Activity’

    | 2018/06/08 8:00 pm
  • Russian citizens will have to compute their own tax obligations from cryptocurrency trading, the head of the country’s tax office said on June 6.  Cryptocurrency Trading Is ‘Excess Income’ In a document originally compiled last month,  Alexey Sazanov, director of the Russian Ministry of Finance’s tax and customs policy department, said that cryptocurrency transactions cannot fall within standard tax practices. “The tax basis for cryptocurrency exchange operations is determined in rubles as an excess on

    Russia: Cryptocurrency Users Must Calculate Own Tax

    | 2018/06/07 5:00 pm
  • Cryptocurrency users are reacting after exchange Bitfinex has told traders they must confirm their tax status in order to use its services. Bitfinex: We Need Tax Info By May 24 In a message to account holders, Bitfinex, which is registered in the British Virgin Islands (BVI), said it was “required” to gain evidence of tax status, which users must provide themselves by May 24. “Pursuant to BVI law, we are required to obtain self-certifications from

    Users Call Revolt As Bitfinex Demands Tax Information

    | 2018/05/17 4:00 pm
  • Seminole County, Florida, has officially become the very first county in the US to accept Bitcoin to pay their taxes. Resolving an Expensive Issue In an official announcement dated May 14th, Joel M. Greenberg, Seminole County’s Tax Collector, disclosed that his office will be accepting both Bitcoin and Bitcoin Cash as means for payment of different services beginning this summer. For a long time, users who chose to pay their taxes with a credit or

    Florida County Becomes First US Locality to Accept Bitcoin for Taxes

    | 2018/05/15 8:30 am
  • France is to tax gains from cryptocurrency sales as capital gains of “movable property.” The country has moved to reduce the rates from up to 45% to a flat 19%. A Bit of History Earlier this year, the High Administrative Court of France was seized on behalf of several taxpayers, challenging the instituted regimen, in force since July 2014, related to taxation of bitcoin and other cryptocurrency-related transactions. Under the aforementioned tax legislation, gains from

    France Slashes Cryptocurrency Taxes in Half

    | 2018/04/29 2:00 am
  • Bitcoinist spoke with Alexander Stern, legal attorney and founder of Attorney IO, to unpack the complexities related to Bitcoin and cryptocurrencies taxes, potential loopholes for users, and how the IRS can easily track individuals using Bitcoin compared to fiat currencies.  The fact that a lot of this is on a blockchain (and cannot be tampered with) does make the IRS smile. – Alexander Stern Bitcoinist: First, how and for how long has your law firm

    Tax Attorney: Blockchain Immutability ‘Does Make The IRS Smile’ (Interview)

    | 2018/04/20 4:30 pm
  • As the end of U.S. tax season approaches, Bitcoin bulls believe that the digital currency will finally begin its next run to prices over $20,000. But is it really going to run? The past few months have been rough for cryptocurrency investors, with the cryptocurrency market cap plummeting from a high of $820 billion all the way down to $250 billion. This came after the mainstream media began to pile onto cryptocurrencies in a manner

    Could Bitcoin Be Prepping for Run as U.S. Tax Day Passes?

    | 2018/04/17 8:00 pm
  • As tax day rapidly approaches, there’s no lack of uncertainty amongst tax professionals regarding cryptocurrency investors purchasing digital assets through foreign exchanges. Regardless of the government’s seemingly straightforward legislative position, ambiguity continues to riddle the field when in-depth analysis is made. What Does the Law Say? The IRS has clearly outlined that transacting with cryptocurrency is treated the same as transacting with property and, consequently, taxes on capital gains are to be paid at the

    Crypto Investors Could Inadvertently Commit ‘Potential Felony,’ Tax Expert Says

    | 2018/04/10 6:00 am
  • ‘Massive’ selling of cryptocurrencies into fiat by mid-April to be expected, as U.S. crypto holders ‘likely’ owe $25 billion in capital gain taxes according to Tom Lee, head of Fundstrat Global Advisors. Tom Lee, the former chief equity strategist at J.P. Morgan Chase is amongst the few, if not the only Wall Street analysts who are providing regular thoughts and analysis on Bitcoin and the overall state of the crypto market. Pressure Rises as Deadlines

    $25 Billion Owed in Crypto Taxes Causing ‘Massive’ Selling, Wall Street Analyst Says

    | 2018/04/06 3:00 pm
  • A recent poll on Twitter held amongst more than 7,500 people showed the abrogating reaction of the majority when asked about the way they handled their taxes associated with crypto investing and trading. Only a fifth of the participants revealed that their taxes are already filed and paid. Catch Me If You Can A cryptocurrency taxes poll posted on Twitter on April 1st quickly caught up to speed with more than 7,500 people already taking

    ‘They’ll Never Catch Me’ 52% of People Say About Paying Crypto Taxes

    | 2018/04/02 1:00 pm
  • After the Bank of Thailand ordered the country’s financial institutions to steer clear of cryptocurrency, its military government has now advised that cryptocurrency taxes are on the cards. Thailand has previously been hesitant to take decisive action against cryptocurrencies. However, 2018 has seen this on-the-fence stance change. February saw the country’s financial institutions put an end to offering crypto-related services, while earlier this month saw authorities suggest that virtual currencies would soon be subjected to

    Crypto Investors in Thailand Will Get Taxed

    | 2018/03/31 2:00 pm
  • Taxation of cryptocurrency trades is the subject of much contention and as tax return statistics roll in it’s clear that many traders and investors didn’t declare some, or all, or their transactions. Is taxing cryptocurrency with outdated tax systems fair? The US government may not be ready to recognize cryptocurrency as currency – or even as legal tender – but you can bet that where there are profits to be made, Uncle Sam wants his

    8 Reasons Why Taxing Cryptocurrency Trades is Just Not Fair

    | 2018/03/26 10:00 pm
  • The Internal Revenue Service (IRS)  — the United States’ tax collection agency who administers the Internal Revenue Code enacted by Congress — once again provided taxpayers with a friendly reminder that income from virtual currency transactions is reportable on their income tax returns. The Taxman Issues a Warning On Friday, the IRS shared a reminder of the tax rules regarding cryptocurrency transactions on the agency’s official website. The notice explains that cryptocurrencies — also known as

    The IRS Says Crypto is Currency, Warns Against Tax Evasion

    | 2018/03/24 10:00 am
  • The Internal Revenue Service (IRS) continues to reach its greedy claws into the pockets of cryptocurrency investors — surprising some with unexpected bills. Land of the Free, Home of the IRS Cryptocurrency is still a new and wild market, but that doesn’t mean the IRS isn’t prepared to screw you over on your digital currency transactions as much as possible. According to the Internal Revenue Service, cryptocurrency investors aren’t merely liable to pay taxes when

    The IRS Isn’t Making it Easy for Cryptocurrency Investors

    | 2018/03/19 11:30 am
  • Tax authorities in Belgium aren’t joking around when it comes to Belgians paying taxes on their cryptocurrency gains. Unity is Taxes According to reports from Belgian newspapers, the country’s Special Tax Inspectorate has opened three cases in regards to cryptocurrency taxes, with a fourth recently closed and treated as a “non-case.” Belgian law stipulates that anyone speculating on cryptocurrencies must pay a 33 percent tax on profitable gains, and said gains must be declared as

    Belgian Tax Authorities Hunting Down Cryptocurrency Speculators

    | 2018/03/04 3:00 pm
  • After fighting the IRS in court, popular digital currency marketplace Coinbase has been ordered by the Northern District of California to turn over more than 10,000 users’ personal information and trade history — but it could have been much worse. The Taxman The Beatles once sang: If you drive a car, I’ll tax the street, If you try to sit, I’ll tax your seat. If you get too cold, I’ll tax the heat, If you

    Coinbase Gives IRS More Than 10K Users’ Information

    | 2018/02/24 9:30 am
  • Until quite recently, most cryptocurrency investors either did not know or did not care to pay taxes on the capital gains they accumulated buying and selling digital coins. The cryptocurrency community is now facing a hard truth: they have to pay taxes just like all the rest of us. [Editor’s note: This is a guest article by Mario Costanz, CEO of Crypto Tax Prep] Virtual currencies exploded onto the investment scene last year, due in

    The New Normal: Cryptocurrency Goes Mainstream This Tax Season

    | 2018/02/18 7:30 am
  • As cryptocurrency investors continue to see gains, it appears they’re also continuing to stay quiet about their earnings to avoid taxation from the IRS. Where are the American Crypto Taxpayers? With roughly a month and a half left until the April 17th tax filing deadline, the IRS has reportedly only received 18.3 million individual tax returns so far, 13% of the total expected. Although it is still early in the tax season, it appears as though

    IRS Stymied Over American Cryptocurrency Traders’ Reluctance to Report Earnings

    | 2018/02/14 9:00 pm
  • Canada has unveiled a government Blockchain identity prototype while declining to change Bitcoin tax rules at the World Economic Forum (WEF) 2018. ‘We Don’t Plan Any Overhaul’ – Finance Minister As multiple sources report Monday, the country’s finance minister, Bill Morneau, said the government “has no plans” to change tack on how cryptocurrency is treated under Canadian tax law. “We don’t have any specific Bitcoin or cryptocurrency overhaul,” he told Bloomberg on the fringes of

    Canada: ‘No Tax Changes’ For Bitcoin As Govt. Unveils Blockchain ID Scheme

    | 2018/01/29 10:15 am
  • Each country has its own systems for tax evaluation and collection, and some countries are stricter than others. One of the major issues governments have with cryptocurrencies is the difficulty in taxing profits made on trading. The United Kingdom’s HMRC (Her Majesty’s Revenue and Customs department) found this out the hard way. Finance experts have warned that a loophole which reduces crypto gains to zero can be exploited on tax returns in the UK. It

    Tax Loophole Found for UK Crypto Profits

    | 2018/01/21 9:00 am
  • At least two US institutions have requested that the IRS propose a definitive structure for taxing cryptocurrencies in the country. As authorities see the lucrative appeal of virtual currencies, they also see that they can benefit from this wealth in some way, specifically through taxing crypto holders. However, even though cryptocurrencies may only have been thrust into the mainstream spotlight last year, taxation queries are not as recent. According to CNBC, Tyson Cross, a US-based tax

    Internal Revenue Service (IRS) Asked to Provide a Clearer Cryptocurrency Tax Framework

    | 2018/01/20 5:00 pm
  • Blockchains and cryptocurrencies are here to stay, and banks and governments are concerned. With the momentum that the budding markets have built in recent months, digital assets like Bitcoin, Ethereum, Litecoin, and Ripple have become household names. However, crypto regulation does not necessarily have to mean prevention if it can be approached in the right way. In recent weeks, news has emerged of steps concerning crypto regulation taking place across the world, most significantly in

    Why Crypto Regulation Should Not Mean Prohibition

    | 2018/01/15 4:30 am