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“# Senators add crypto taxes to infrastructure deal to raise $28B in extra revenue ” Last-minute additions to the bipartisan infrastructure deal in the United States Senate saw lawmakers propose expanded cryptocurrency taxation to raise an additional $28 billion in revenue. The proposal will implement tighter rules on businesses handling crypto, expand reporting requirements for…
“# Binance cuts withdrawal limits, rolls out tax reporting tool ” Binance, the world’s biggest cryptocurrency exchange by trading volumes, continues its efforts to maintain dialogue with global regulators by introducing withdrawal limits and a new tax reporting system. The company officially announced Tuesday a major update to its Know Your Customer (KYC) policies, significantly…
“# New rules could permit Korean gov’t to seize tax evaders’ crypto ” South Korean legislators propose to revise tax codes so that tax authorities would be able to confiscate tax evaders’ crypto assets directly from their digital wallets. As per a report published on July 26, the proposal forms part of a wider, annual…
“#Yes, tax Airbnb hosts —but legalize them first” In its struggle to balance its budget and still keep the trains and buses rolling, the Metropolitan Transportation Authority is looking for new sources of revenue. One idea floated by MTA board member, finance committee chair and Gov. Cuomo appointee Larry Schwartz is a dedicated tax on…
“# Get a passport, pay crypto, live tax-free? ” Way back in 2014, the United States Internal Revenue Service (IRS) ruled that cryptocurrency is property in Notice 2014-21. That classification as property has some big tax consequences accentuated by wild price swings. Buying and selling crypto can trigger gain or loss and be taxable. Yes,…
“# Binance Australia partners with Koinly for tax reports as ATO ramps up compliance ” The Australian branch of leading cryptocurrency exchange Binance has increased the ability for users to accurately report tax liabilities amidst increased pressure from local tax authorities. Binance has partnered with cryptocurrency tax startup Koinly to assist users grappling with ever-increasing…
“# Crypto tax startup TaxBit reportedly in talks for unicorn-level funding ” The United States-based cryptocurrency tax software developer TaxBit is reportedly looking for new funding at a valuation of $1 billion or more, which would make it a unicorn startup. According to Bloomberg, people with knowledge of the matter said TaxBit is in talks…
“# Tennessee city wants to accept property tax payments in Bitcoin ” United States’ city of Jackson, Tennessee, continues exploring a potential dive into cryptocurrencies, now looking to accept Bitcoin (BTC) for property tax payments. Jackson Mayor Scott Conger announced late Thursday that the city’s blockchain task force had launched a study on potential methods…
“# Former pro sailer brokers tax-haven passports for wealthy crypto clients ” A Russian expatriate and former professional sailboat racer, Katie Ananina, Plan B Passport — a firm that brokers citizenship through investment schemes for tax-haven nations that don’t impose capital gains on crypto holdings to wealthy investors. According to a July 11 report from…
“# Crypto staking rewards and their unfair taxation in the US ” The United States Internal Revenue Service (IRS) stretches the tax rules to fit its cryptocurrency agenda. At no time in tax history has pure creation been a taxable event. Yet, the IRS seeks to tax new tokens as income at the time they…