With the rise of cryptocurrency, it makes sense bitcoin investors are in the crosshairs of not one but two government agencies, DOJ and IRS. Let's watch my take on this
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By CCN.com: It will now be harder for Australians to under-declare or over-declare the taxes they owe on their crypto holdings or transactions. This follows an announcement by the Australian Taxation Office (ATO) that it will collect bulk records from cryptocurrency businesses in the country. In a statement, the tax collection agency indicated that this will be done to enhance accuracy in tax...
The Canada Revenue Agency (CRA) is reportedly targeting Bitcoin investors as well as other cryptocurrency users with federal tax audits. The CRA has also sent questionnaires to determine the previous trading and investing activity. Taxation of cryptocurrency has been a gray area for years, with tax attorneys and even regulators unsure of how to proceed. With many investors using KYC-enabled...
One year after one of the biggest tax overhauls in American history, a survey released on Monday has revealed that the tax cut has not brought about the anticipated huge changes to the investments and employment plans of businesses across the United States. In 2018, the Donald Trump-led administration effected a $1.5 trillion tax cut with hopes of increasing both job growth and investments, in...
The government of Bulgaria has started to investigate crypto exchanges to demand taxes from the profits investors generated from trading digital assets. The National Revenue Agency (NRA) has categorized cryptocurrencies as financial assets, which incur a 10 percent tax on profit that individuals have to disclose annually. Two Major Issues of Bulgaria’s Crackdown on Crypto Tax Similar to Japan...
In October, the government of Japan hinted its plans to ease the process of taxing crypto investments to refrain impractical taxation frameworks from negatively affecting the local market. At the time, a committee of tax experts that is tasked to advise the government on taxation matters encouraged the authorities to simplify the complex process of disclosing taxable amounts that occur in...
South Africa’s tax agency is looking into methods for identifying tax-dodging cryptocurrency traders, the acting head of the authority has revealed. The South African Revenue Service (SARS) is studying ways to spot non-compliant cryptocurrency traders in order to investigate any scenario of failure to declare profits from investments, acting Commissioner Mark Kingon said while speaking at the...
The Australian Tax Office (ATO) will chase citizens hiding their cryptocurrency trading gains offshore to remind them of their tax obligations using data sharing agreements with other nations. Australia’s tax authority will use advanced data-matching techniques through existing data sharing agreements with other nations to target crypto investors trading on offshore exchanges at a time when CPA...