The US Congress will soon officially ban the IRS from offering its own tax filing service, according to reporting by ProPublica, a non-profit news agency. Probably.
Advocates of a free, government-sponsored tax filing service have long argued that the current system doesn’t do justice to the millions of taxpayers making under $66,000 per year who actually shouldn’t be paying anything to file their taxes.
J.P. Morgan Chase CEO Jamie Dimon has declared that he does not mind paying higher taxes as long as they are used where they are “most effective”. His comment comes as something of a bolt from the blue in the midst of a polarizing debate on whether the highest-earning Americans should be required to pay … Read more
Taxpayers in Chile are reportedly going to have to pay taxes on cryptocurrency earnings this year, as the country’s Internal Revenue Service (Servicio de Impuestos Internos, SII) has included a section for cryptoassets in a form that has to be filled on taxpayers’ Annual Income Tax Returns. According to local media, last year the country’s … Read more
According to a report from Credit Karma, US bitcoin investors who decided to exit the bitcoin market lost $1.7 Billion. Unrealized losses, belonging to those who didn’t sell, account for $5.7 billion. Credit Karma GM Jagjit Chawla believes many Americans don’t know they can qualify for a crypto tax reduction as a result of their … Read more
While US tax selling is said to have fueled much of the pressure in the bitcoin price till the most recent turnaround, Uncle Sam may find he has come up short when tax day rolls around on April 17. That’s because only a fraction of filers are actually reporting their crypto-fueled profits from 2017, when the … Read more
Illinois has joined a growing number of US states looking to pave the way to allow cryptocurrencies as payment for taxes. House Bill 5335, aka the Revenue Cryptocurrency Bill, is being sponsored by Rep. Michael Zalewski, a Democrat. It’s an amendment to the current Department of Revenue Law of the Civil Administrative Code of Illinois, … Read more
Despite the decentralized nature of bitcoin, Uncle Sam is expecting his fair share come April 15. Now that tax season is upon us, investors of bitcoin and other cryptocurrencies may be filing their crypto-generated income for the first time ever. Meanwhile, given the private nature of bitcoin, not to mention an opaque regulatory framework surrounding cryptocurrencies, investors … Read more
The ink is barely dry on President Trump’s tax legislation, and a new bill has surfaced in Arizona that kicks things up another notch. The bill proposes using bitcoin to pay state income taxes, and it was submitted by Senators Warren Petersen and David Farnsworth as well as Reps. Travis Grantham and Jeff Weninger, all … Read more
