10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS
On July 26, the U.S. Internal Revenue Service (IRS) announced that the tax agency has started sending letters to American cryptocurrency owners advising them to pay their taxes. According to the organization, three types of letters will be sent to more than 10,000 taxpayers by the end of August. The news follows the recent IRS […]
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Cryptocurrency’s resistance to government control is countered by the fact that a number of governments, including Chile, Romania, Spain and South Africa, are looking to cash in by taxing crypto assets. These countries are crafting laws that bind citizens to annually disclose cryptocurrency investments that, in some cases, are held at home and abroad, and […]
The deadline for submitting tax returns in the UK is Jan. 31, 2019. If you hold investments in bitcoin or any other cryptocurrency it is important to be aware you may owe corporation tax, income tax, or capital gains tax depending on your activities. The U.K.’s HM Revenue and Customs (HMRC) has shared its most recent […]
The Venezuelan government has published a decree requiring taxpayers with crypto operations in the country to pay their taxes in cryptocurrencies. Similarly, operators of foreign currencies must pay their taxes in those currencies. The decree states that the change is necessary for the “strengthening of the current fiscal regime.” Also read: Indian Supreme Court Moves Crypto Hearing, […]
The Australian Taxation Office (ATO) has warned taxpayers to be “on high alert” for phone scammers demanding payment through bitcoin ATMs. It said payments via BTC cash machines have now overtaken iTunes vouchers as the most common method of scam payment reported to the tax authority. Also Read: IMF: Central Banks Could Issue Digital Currency Tax […]
Brazil’s tax authority has published proposals to regulate the cryptocurrency landscape over concerns digital assets are being used to launder money and evade tax. A document released by the Department of Federal Revenue of Brasil (RFB) disclosed plans that will force cryptocurrency traders to reveal their identities and for exchanges to submit financial reports to […]
Europe’s top banks allegedly helped wealthy clients across the continent steal 55 billion euros ($63 billion) from multiple governments by making tax reclaims to which they were not entitled, an investigation has revealed. The theft centred around a complex scheme of trading stocks that also involved hedge funds and large international commercial law firms. Also […]
Doing business, relying on your own abilities and talents to make a living, shouldn’t be so hard to start. But unlike the times when almost everyone was a farmer, a craftsman, a merchant, basically a businessman, in today’s realities overreaching state regulations, initial capital needs, unhealthy competition from the bigwigs in an industry, often present […]
A Russian design studio has developed a “beautiful” cryptocurrency mining rig. The fashionable “Freer” is a modular, customizable home mining device. It comes in different colors, displays and sets of ports, depending on the requirements of the client. Meanwhile, members of the Russian crypto community have urged the government to classify individual miners as self-employed which […]
Announcing a 60-fold increase of the minimum monthly salary, President Maduro promised Venezuelans they will be paid at least 0.5 petro, once his monetary reforms are in place next week. The national crypto will be exchanged at a rate of $60 USD and the new “sovereign bolivar” will be pegged to the digital coin. […]
