Canada’s Tax Agency Targets $40M in Uncollected Crypto Taxes as Trudeau Seeks Major Capital Gains Hike

May 14, 2024 Bitcoin.com

Canada’s Tax Agency Targets M in Uncollected Crypto Taxes as Trudeau Seeks Major Capital Gains Hike

bitcoin.com

Based on a report by the National Post, Canada’s Revenue Agency (CRA) is actively searching for uncollected taxes on cryptocurrencies. The agency estimates that there is nearly $40 million in undeclared taxes related to digital currencies. Concurrently, Prime Minister Justin Trudeau is proposing an increase in capital gains taxes from 50% to 66% for any […]

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Australian Tax Office Seeks Personal, Transaction Details from 1.2 Million Cryptocurrency Users

May 8, 2024 Bitcoin.com

bitcoin.com

The Australian Tax Office reportedly has requested that cryptocurrency exchanges share both personal and transaction details of as many as 1.2 million cryptocurrency users. The revenue collector recognized that some users are fulfilling their tax obligations unknowingly, but maintained that others are intentionally avoiding payment. Australian Tax Office Targets 1.2 Million Cryptocurrency Users The Australian […]

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US Justice Dept charges Roger Ver with tax fraud

April 30, 2024 Coin Telegraph

Bitcoin

Early crypto investor ‘Bitcoin Jesus’ faces extradition to the U.S. after being charged with evading nearly $50 million in taxes.

Officials with the United States Department of Justice announced charges against early Bitcoin (BTC) investor Roger Ver, known by many as ‘Bitcoin Jesus.’

In an April 30 notice, the Justice Department said authorities in Spain had arrested Ver based on criminal charges in the United States, including mail fraud, tax evasion and filing false tax returns. The U.S. government alleged Ver defrauded the Internal Revenue Service (IRS) out of roughly $48 million with his failure to report capital gains on his sale of Bitcoin and other assets.

According to the indictment, Ver allegedly took control of roughly 70,000 in June 2017 — before the now famous bull run — and sold many of them for $240 million. U.S. officials said they planned to extradite Ver from Spain to the United States to stand trial.

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Australian, Indonesian Tax Bodies Sign Agreement to Share Crypto Information

April 25, 2024 Bitcoin.com

bitcoin.com

The tax authorities of Australia and Indonesia have signed a memorandum of understanding to share information on cryptocurrency. Under this agreement, both entities will exchange data on crypto assets and share knowledge to ensure adherence to tax obligations. Agreement Underscores Two Countries’ Willingness to Adopt The Australian Taxation Office (ATO) and its Indonesian counterpart have […]

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Crypto users fooled by fake Elizabeth Warren letter proposing crypto tax

April 22, 2024 Coin Telegraph

Coin Telegraph

The fake letter addressed to U.S. President Joe Biden suggested a 1% wealth tax on crypto holdings exceeding $500,000.

Many social media users appeared to be fooled by an anti-crypto policy proposed by Massachusetts Senator Elizabeth Warren. The problem is the letter containing the proposal was fake.

On April 21, many on Crypto Twitter erupted in dismay at a seemingly real letter from Senator Warren to United States President Joe Biden. The letter — which misspelled the senator’s first name — proposed a 1% wealth tax on crypto holdings exceeding $500,000.

The letter called for President Biden to support crypto-related legislation from Senator Warren as part of efforts to address issues in the U.S. financial system. Even after many on social media pointed out discrepancies between the letter and reality, some crypto users seemed to refuse to acknowledge the truth.

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New IRS Draft Tax Form Proposes Tracking of Certain Crypto Transactions

April 22, 2024 The Daily Hodl

CEX

A new draft tax form by the Internal Revenue Service (IRS) is proposing tracking specific crypto transactions. The Digital Asset Proceeds From Broker Transactions draft indicates that taxpayers must fill out Form 1099-DA, which collects trader identification and detailed transaction data from crypto “brokers.” According to Shehan Chandrasekera, a crypto accountant and the head of […]

The post New IRS Draft Tax Form Proposes Tracking of Certain Crypto Transactions appeared first on The Daily Hodl.

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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, […]

Bybit Expands in CIS Region With Kazakhstan License for Crypto Services

IRS releases draft of 2025 digital asset reporting form for US taxpayers

April 19, 2024 Coin Telegraph

Coin Telegraph

The U.S. Internal Revenue Service has been grappling with crypto tax reporting for years, and they may have a ways to go still.

The United States Internal Revenue Service (IRS), the country’s tax service, has released a draft of its new Form 1099-DA “Digital Asset Proceeds from Broker Transactions” for reporting income from digital asset transactions. The form is expected to come into use in 2025 for reporting in 2026.

A broker will prepare Form 1099-DA for every customer who sells or exchanges digital assets. Brokers include kiosk operators, digital asset payment processors, hosted wallet providers, unhosted wallet providers and others, per the form. Copies of the 1099-DA will be sent to customers and the IRS, which will use them for verification purposes.

The form asks for token codes, wallet addresses, and blockchain transaction locations. Under the rule proposed in August 2023, cryptocurrencies, nonfungible tokens and stablecoins are reportable. The rule stated:

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IRS Official Anticipates More Crypto Cases Amid Uptick in Tax Violations, Says Public-Private Partnerships Critical

April 14, 2024 The Daily Hodl

chainalysis

A high-ranking member of the Internal Revenue Service (IRS) says that he is anticipating more crypto cases related to tax violations. In a new interview with CNBC, Guy Ficco, the IRS’s Chief of Criminal Investigation, says that crypto tax crimes – such as not reporting earned income from trading digital assets – are on the […]

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Bybit Expands in CIS Region With Kazakhstan License for Crypto Services

South Korean City Planning To Seize Crypto Assets of 5,208 Tax-Delinquent Residents: Report

April 9, 2024 The Daily Hodl

Bitcoin

A South Korean city is reportedly planning to seize the digital assets of more than 5,000 residents who owe back taxes. According to a new Daegu Shinmun report, the Nam-gu (south district) Office in Pohang intends to go after digital assets owned by residents who owe more than 500,000 won or $369 in taxes. Officials […]

The post South Korean City Planning To Seize Crypto Assets of 5,208 Tax-Delinquent Residents: Report appeared first on The Daily Hodl.

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