Taxation

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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Bridgewater’s Ray Dalio Warns Government Could Restrict Bitcoin Investments, Impose ‘Shocking’ Taxes

<div class=”featured_image_container”> </div> <strong>The founder and chief investment officer of Bridgewater Associates, the world’s largest hedge fund firm, has warned that the government could “impose prohibitions against capital movements” into assets such as bitcoin. He added that regulators may also impose changes in taxes that “could be more shocking than expected.”</strong> Ray Dalio Warns About …

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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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State lawmakers override veto, become first in nation to tax online ads

Enlarge / None of these companies are keen to hand over a slice of their revenue to Maryland. Malik Evren | Getty Images Maryland today became the first state in the nation to impose a tax on digital advertising revenue, overriding an earlier veto from the governor and incurring the wrath of piles of Big …

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How the IRS tracks down people who don’t report their crypto

Crypto income taxation is a murky arena at present. It would seem that even the U.S. Internal Revenue Service, or IRS, has a tough time figuring out who owes what, according to Wendy Walker, solution principal at the tax compliance company Sovos.  “In the typical tax system, the IRS uses 1099 reporting,” Walker told Cointelegraph in …

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OECD calls out countries for their inconsistent rules on crypto taxation

A study of cryptocurrency taxation regimes from around the world by the Organization for Economic Co-operation and Development, or OECD, found that global crypto taxation laws are highly inconsistent. Source: OECD Report. The way crypto assets are defined vary greatly by jurisdiction. Cryptocurrency is most commonly defined as a “financial instrument or asset”, followed by …

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US Congressmen Want IRS to Balance Taxation and Innovation in the Cryptocurrency Space

A bipartisan quartet of US congressmen wants the IRS taxation policy not to dissuade taxpayers from participating in blockchain token staking. These politicians believe America’s ingenuity can help drive this promising staking technology. The four congressmen are Bill Foster (D) of Illinois, Darren Soto (D) of Florida, Tom Emmer (R) of Minnesota, and David Schweikert …

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Crypto Taxes Are Due July 15, but Be Careful — You May Need More Time

Tax day this year, like everything else, is different. The United States Internal Revenue Service has rescheduled it to July 15, but there’s little time left to get your records together and to file. Everyone knows the IRS is pushing hard to scrutinize crypto. A new IRS question appears at the top of Schedule 1 …

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