IRS Crypto Tax Reporting Requirements Stir up Mass Confusion

January 3, 2025 Bitcoin.com

bitcoin.com

Some in the crypto community assumed the IRS was backpedaling on reporting requirements, but all requirements are still firmly in place, the agency simply announced a grace period for exchanges to upgrade their technology. IRS Grants Crypto Exchanges More Time to Implement Platform Upgrades Confusion ran rampant on Thursday after several publications posted ambiguous headlines […]

Montana Bitcoin (BTC) Reserve Bill Passes Out of Committee Stage, Heads Toward State House Floor Vote

Binance, WazirX among crypto firms evading taxes in India, says gov’t

December 4, 2024 Coin Telegraph

Binance

India has recovered $14 million in goods and services tax from crypto firms like WazirX, but Binance has yet to pay its $85 million tax evasion liabilities, the minister said.

The Indian government has detected a significant amount of unpaid goods and service taxes (GST) by major cryptocurrency exchanges, including Binance and WazirX.

India’s Minister of State for Finance, Pankaj Chaudhary, said the government has found 824 crore Indian rupees ($97 million) in GST in unpaid taxes by several crypto exchanges, The Economic Times reported on Dec. 3.

Authorities have reportedly initiated multiple related investigations into crypto exchanges, including WazirX, CoinDCX and CoinSwitch Kuber.

Montana Bitcoin (BTC) Reserve Bill Passes Out of Committee Stage, Heads Toward State House Floor Vote

Ohio to consider accepting crypto for tax payments and fees

September 30, 2024 Coin Telegraph

Coin Telegraph

They tried once in 2018, but the State Board of Deposits "failed" to show any enthusiasm.

An Ohio state senator has introduced a bill to require the state to accept cryptocurrency for payment of state taxes and fees. The legislation would also allow state institutions of higher education and the state pension fund to invest in cryptocurrency if they choose to.

Niraj Antani introduced the bill on Sept. 30, according to a press release.

Under the bill, the state tax commissioner would decide which cryptocurrencies would be accepted in any year by June 30:

Montana Bitcoin (BTC) Reserve Bill Passes Out of Committee Stage, Heads Toward State House Floor Vote

Biden Administration Finalizes New Crypto Rules to Crackdown on Tax Evasion

July 1, 2024 The Daily Hodl

Biden

The Biden administration is imposing reporting requirements for crypto platforms to ensure that Americans file accurate taxes on digital asset transactions. On Friday, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) finalized rules that require crypto brokers to report to the IRS digital asset sales and exchanges starting in the calendar […]

The post Biden Administration Finalizes New Crypto Rules to Crackdown on Tax Evasion appeared first on The Daily Hodl.

Montana Bitcoin (BTC) Reserve Bill Passes Out of Committee Stage, Heads Toward State House Floor Vote

Treasury and IRS Announce Digital Asset Tax Reporting Regulations

June 30, 2024 Bitcoin.com

biden-harris

The U.S. Department of the Treasury and the IRS have released final regulations for tax reporting on digital asset sales, as part of the Biden-Harris administration’s implementation of the Infrastructure Investment and Jobs Act. Additionally, the Treasury and the IRS revealed that they anticipate issuing further rules later this year to establish reporting requirements for […]

Montana Bitcoin (BTC) Reserve Bill Passes Out of Committee Stage, Heads Toward State House Floor Vote

South African Tax Authorities Scrutinize Crypto Traders Amid Compliance Uncertainty

June 23, 2024 Bitcoin.com

bitcoin.com

South African crypto traders have reportedly started receiving notices from the South African Revenue Service (SARS) indicating that their tax affairs are under review. The revenue collector is gathering information from various crypto-asset exchanges to assess compliance. Traders who fail to provide requested information could face criminal charges under the Tax Administration Act. SARS may […]

Montana Bitcoin (BTC) Reserve Bill Passes Out of Committee Stage, Heads Toward State House Floor Vote

Europe’s Eighth-Largest Economy Proposes New Tax on Crypto Transactions: Report

June 14, 2024 The Daily Hodl

Bloomberg

The eighth-largest economy in continental Europe is reportedly proposing a new tax on crypto transactions. According to a new report by Bloomberg, Turkey is seeking to raise taxes as a means of recovering its budget after it was ravaged by earthquakes in 2023. The plan would haul in an estimated $7 billion for the Turkish […]

The post Europe’s Eighth-Largest Economy Proposes New Tax on Crypto Transactions: Report appeared first on The Daily Hodl.

Montana Bitcoin (BTC) Reserve Bill Passes Out of Committee Stage, Heads Toward State House Floor Vote

IRS Releases Draft Tax Form for Digital Assets — Expert Raises ‘Major Privacy and Security Concerns’

April 21, 2024 Bitcoin.com

bitcoin.com

The U.S. Internal Revenue Service (IRS) has released a draft tax Form 1099-DA for reporting digital asset proceeds from broker transactions. Brokers, including unhosted wallet providers, are required to report proceeds from digital asset dispositions to the IRS. A crypto tax expert has highlighted that the collection of certain data points, such as wallet addresses, […]

Montana Bitcoin (BTC) Reserve Bill Passes Out of Committee Stage, Heads Toward State House Floor Vote

Latam Insights: Paraguay Targets Bitcoin Miners, Brazil Mulls Crypto Taxation Changes

April 8, 2024 Bitcoin.com

bitcoin.com

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Paraguayan lawmakers introduce a bill to ban cryptocurrency mining, Brazil to change crypto taxation framework, and a poll finds that Latam believes CBDCs might help combat corruption in the region. Paraguayan Lawmakers Introduce […]

Montana Bitcoin (BTC) Reserve Bill Passes Out of Committee Stage, Heads Toward State House Floor Vote

Latam Insights: Bukele Wins Presidential Ballot by Landslide, Brazil Strengthens Crypto Tax Oversight

February 12, 2024 Bitcoin.com

Argentina

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Nayib Bukele wins the presidential elections in El Salvador, the Brazilian tax authority finds over 25,000 irregularities in crypto tax statements, and Argentine President Javier Milei warns there will be no dollarization this […]

crypto taxes