Tax

Court Authorizes IRS to Summon User Records From Kraken Cryptocurrency Exchange

<div class=”featured_image_container”> </div> <strong>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.</strong> IRS Wants User Information From Crypto Exchanges The U.S. Department of Justice …

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

<div class=”featured_image_container”> </div> <strong>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.</strong> Nearly Half of Young Koreans Reject Tax on Crypto Profits According to …

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Working from home now? Your 2020 state tax situation could suck

Enlarge / The arm of the law can be long indeed. Aurich Lawson / Getty Images Imagine for a moment that you work remotely—as so many now do in the COVID era—from a comfortable spare bedroom in your New Jersey home. Your employer is nominally based in New York City, but thanks to the pandemic, …

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Bitcoin ‘Underperforms’ During Tax Time: Analysis

January ushers in a new tax season. It is also, historically, a time when bitcoin underperforms relative to the other months of the year. Some analysts say that may not be a coincidence. From 2014 to 2020, bitcoin was down in four out of seven Januarys and six out of the past seven Marchs. According …

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IRS to transition from ‘education to enforcement,’ says former division chief

A former top investigator is warning that “a high-stakes game of chicken” between the Internal Revenue Service (IRS) and cryptocurrency holders who fail to properly report their earnings will be entering a new phase in 2021 as the tax collection agency begins to focus on pursuing “civil and, potentially, criminal penalties.” In an article co-authored …

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India ponders Bitcoin tax law to target $5B market

India’s finance ministry has called for the enactment of Bitcoin (BTC) tax laws in the country. According to the Times of India, the ministry’s Central Economic Intelligence Bureau, or CEIB, recently submitted a draft document that proposes levying an 18% goods and services tax on Bitcoin trading. CEIB figures put the estimated Bitcoin transaction volume …

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India Mulls Imposing 18% Tax on Bitcoin Transactions

The Indian government is considering a bitcoin transaction tax that would add $1 billion in revenue a year, a move some industry participants said is a sign of the government’s growing comfort with cryptocurrencies. A proposal put forward to the Central Board of Indirect Taxes & Customs (CBIC) by the Central Economic Intelligence Bureau (CEIB) …

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Bitcoin Is Going Through the Roof in Argentina While the Government Imposes New Taxes

<div class=”featured_image_container”> </div> <strong>Argentina’s Senate approved an extraordinary one-time wealth tax to fight the coronavirus pandemic by seeking to boost government revenue and targeting millionaires with assets of more than 200 million pesos ($2.5 million). At the same time, the country still faces a 35% inflation.</strong> Argentinean Senate Approves New Taxes, While Bitcoin Keeps Skyrocketing …

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India Plans to Tax Income From Bitcoin Investments: Report

India-based investors may soon have to pay taxes on returns earned from bitcoin investments. The country’s income tax authority is tracking investors making money amid the ongoing bitcoin price rally and is all set to demand taxes, two sources familiar with the matter said, according to The Economic Times (ET), a business-focused daily newspaper.  The …

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Russian Prime Minister Pledges to ‘Civilize’ Crypto Market and Prevent Scams

Mikhail Mishustin, the Russian prime minister, raised the subject of cryptocurrencies and the need to protect users during the government session on Thursday, according to a transcript. Acknowledging the growing interest in this “relatively new tool,” Mishustin said the government plans to lead the cryptocurrency market’s development in a “civilized direction” so users can better …

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