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“# Parents, it’s time for ‘the talk’: Did your kid trade crypto in 2020? ” The taxation of cryptocurrency is no longer just a young person’s problem. That changed the day the United States Internal Revenue Service made cryptocurrency a focal point of enforcement and added a crypto disclosure question on its Form 1040. Unsuspecting…
“# US Library of Congress report highlights proof-of-stake tax blindspot ” Republican Representative Tom Emmer has called for more precise tax guidelines regarding cryptocurrency earnings, after a report he commissioned from the Law Library of Congress showed a stark disparity between regulatory approaches taken by various tax authorities around the world. The 128-page study examined…
“# South African regulators issue fresh crypto investment warning ” South Africa’s Financial Sector Conduct Authority is sounding the cryptocurrency scam alarm once again. In a press release issued on Thursday, the FSCA enjoined the public to do their own due diligence before investing in any crypto-related project. According to the FSCA the high-risk nature…
“#New York lawmakers introduce capital gains measure” ALBANY — Democratic state lawmakers keen on raising taxes on higher-income earners to help close the state’s massive, multi-billion dollar deficit have introduced a new bill that would place an extra tax on investments. The new legislation — sponsored by Democrats state Sen. Gustavo Rivera (D-The Bronx) and…
“#This absurd tax is the reason people are fleeing the Northeast” Last month, I got a notice in the mail from a debt collector. It was a personal property tax bill for my wife’s car — from a different state, Connecticut, which we had left three years earlier. In Connecticut, they charge you for the…
“# Coinbase users can now report their crypto taxes using CoinTracker ” With just three months until the deadline for United States citizens to declare their crypto gains and losses to the Internal Revenue Service, Coinbase is partnering with portfolio tracking and tax calculating platform CoinTracker to make the process simpler. According to CoinTracker, it’s…
“# Kenyan crypto firms on notice as digital tax law takes effect ” Kenya’s planned Digital Service Tax, or DST, came into effect at the start of 2021. The DST is part of the country’s 2020 revamped Finance Act that focused on the digital services market among other sectors. Based on the provisions of the…
“# South Korea to introduce a 20% tax on crypto trading profits in 2023 ” The South Korean government issued an amendment on Wednesday to introduce a tax on profits from cryptocurrency trading. Following a legislative notice lasting until Jan. 21, the amendment is likely to be enacted in February, Asia Today reports. It would…
“# US crypto firms invest in tax solutions as IRS updates reporting forms ” United States regulators are continuing to fine-tune their tax reporting requirements for cryptocurrency users. A second draft of Form 1040 from the Internal Revenue Service for the 2020 tax season published online suggests that the agency will now require anyone who was…
“# 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…