Tagtaxes

US Congress is Making It Illegal for the IRS to Offer Free Tax Filing Service

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...

Jamie Dimon: 'I Have No Problem Paying Higher Taxes', If They're Used Wisely

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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 a top marginal tax rate of 70 percent as proposed by a number of prominent House Democrats...

Chilean Citizens Will Begin Paying Cryptocurrency Taxes in 2019

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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 government ruled cryptocurrencies aren’t subject to Value...

US Bitcoin Investors Lost $1.7 Billion in 2018, 61% Unaware They Can Claim a Tax Deduction

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 losses. “Even though those who sold their bitcoin at a loss can...

Lithuania Publishes ICO Guidelines, Aligns with United States' Sentiment

The Ministry of Finance of the Republic of Lithuania released guidelines for ICOs in the country on June 6. The published guidelines follow statements by the United States' SEC that align ICOs as securities, as CCN reported last week. Lithuania has stood out as a major player in Europe for welcoming blockchain startups and businesses. The Minister of Finance, Vilius Šapoka, introduced the...

Americans Are Ducking Their Bitcoin Tax Bill, Research Shows

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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 cryptocurrency market ballooned in value by $590 billion. According to research done by...

Now, Illinois is Looking at Tax Payments in Bitcoin

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, and it declares that "in addition to any other method of...

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