Bitwave acquires crypto accounting platform Gilded

Bitwave announced the acquisition to enhance accounting and enterprise solutions amid improving accounting and tax clarity in the United States.

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New tax rules for crypto in the US: Law Decoded

The United States Internal Revenue Service has released proposed regulations on the sale and exchange of digital assets by brokers.

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Crypto World On Edge: Biden’s Tax Regulation Draws Sharp Criticism

United States President Joe Biden’s proposed cryptocurrency tax regulations are causing concern among many. These regulations would require brokers (individuals facilitating buying and selling) to report digital currency transactions to the government, aligning with existing practices for other monetary transactions.

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Crypto community reacts to Biden’s proposed crypto tax reporting rules

Many prominent crypto commentators are concerned that this will make crypto firms even more reluctant to do business in the United States.

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Staking rewards are now taxable, says IRS

The Internal Revenue Service (IRS), the leading tax authority in the United States, recently released Revenue Ruling 2023-14, providing clarity on the taxation of income derived from crypto staking.  The ruling categorizes cryptocurrency staking rewards, along with various other income…

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Crypto Booster Robert F. Kennedy Jr. Promises To Use Bitcoin To Stabilize US Dollar If He Becomes President

Democratic presidential hopeful Robert F. Kennedy Jr. has pledged to restore strength to the United States dollar using Bitcoin. The Kennedy family scion also plans to exempt Bitcoin profits from capital gains tax.

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Shaping Crypto Tax Laws: US Senate Panel Seeks More Investor Input

Crypto tax laws have taken a positive turn as United States Senate Financial Services Committee Chair Ron Wyden and ranking member Mike Crapo recently published an open letter aimed at soliciting feedback from the digital asset community regarding the taxation of digital assets.

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Kraken Ordered To Unveil Customer Data In IRS Crypto Tax Probe – What’s At Stake?

Kraken, the renowned digital currency exchange based in San Francisco, has been served with a court directive by a United States judge, compelling the disclosure of customer information to the Internal Revenue Service.

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Crypto traders in the lurch as U.S. President Biden opposes debt ceiling

U. S. President Joe Biden has expressed his opposition to a debt ceiling agreement. Some people have chastised the President for lumping crypto traders and tax cheats together. United States The post Crypto traders in the lurch as U.

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Biden won’t accept debt deal protecting crypto traders

United States President Joe Biden has expressed opposition to a debt ceiling deal that he says would benefit “wealthy tax cheats and crypto traders” while putting food assistance programs at risk.

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Biden’s proposed $18b crypto tax leaves unanswered questions

The president of the United States, Joe Biden, recently claimed that the government is losing $18 billion due to cryptocurrency tax loopholes. 

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Crypto Firms’ Plans To Leave The US Speak Imminent Doom, Says Tim Draper

The United States is gradually becoming too hot for crypto firms to operate due to unclear and stringent regulatory approaches. For instance, a recent development that sparked an outcry was the proposal to impose a 30% excise tax on crypto-mining facilities.

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Biden Administration Proposes 30% Tax On Energy Used By Bitcoin Miners

The Digital Asset Mining Energy excise tax would harm businesses and push innovation out of the United States.

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US authorities to impose 30% electricity tax on crypto mining

The President Joe Biden administration has proposed imposing a 30% electricity tax on crypto mining operations in the United States. The move is attracting severe criticism from industry players. Despite the unfavorable market conditions and FUD that have plagued the…

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Biden to propose changing crypto tax rules: WSJ

United States President Joe Biden will propose changes to crypto taxation in an upcoming budget plan, according to a report from the Wall Street Journal on March 8. The post Biden to propose changing crypto tax rules: WSJ appeared first on CryptoSlate.

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Virtual and digital assets to reign in UAE's free zone, details inside

UAE's Ras al-Khaimah will launch a free zone for virtual and digital asset firms later this year. The free zone will have its own tax regime and regulatory framework. The United Arab EmirateThe post Virtual and digital assets to reign in UAE's free zone, details inside appeared first on AMBCrypto.

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Only 58% of American crypto investors reported tax returns in 2022 – CoinLedger

A survey of United States crypto investors found that 58% of the sample size reported crypto holdings on their taxes in 2022 — up 4% year-over-year — while 31% did not report and 11% of the sample size declined to answer.

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Is The Crypto Industry Ready For Tax Regulation? Survey Shows

For federal tax purposes, crypto assets are treated as property, which could be counterproductive for investors in the United States. Although digital assets are a relatively new type of investment, the Internal Revenue Service (IRS) in this country has worked hard to enforce tax compliance.

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United Kingdom implements crypto tax exemption for foreign investors

The UK has extended a crypto tax break for foreign investors who buy crypto using local brokers. The move is in line with PM Sunak’s vision to turn the UK into a crypto hub.  Crypto invesThe post United Kingdom implements crypto tax exemption for foreign investors appeared first on AMBCrypto.

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UK tax regulator welcomes crypto service providers with new tax exemption

United Kindom’s tax regulator invited crypto service providers to operate in its jurisdiction by announcing the inclusion of cryptocurrencies in a tax exemption program. The Commissioners for His Majesty’s Revenue and Customs (HMRC) have published legislation defining “designated crypto assets”…

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United States: Incoming lawmakers move to delay key legislation to tax crypto

U.S. Representative Patrick McHenry wrote a letter to the U.S. Treasury to delay crypto taxes. Many lawmakers this year have raised similar concerns. The United States midterm elections heldThe post United States: Incoming lawmakers move to delay key legislation to tax crypto appeared first on AMBCrypto.

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Get Your Crypto Taxes in Order, Warns IRS as It Announces Investigations Into ‘Hundreds’ of Evaders

The tax collection agency of the United States is doubling down on tackling cryptocurrency tax evasion. The IRS’s Criminal Investigation division said it is preparing “hundreds” of cryptocurrency tax evasion cases, according to chief Jim Lee.

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Now You Have to Pay Taxes for Your NFT Gains

The United States federal tax agency, the IRS, has released drafts of individual tax return forms that have a question about NFT gains. The post Now You Have to Pay Taxes for Your NFT Gains appeared first on BeInCrypto.

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IRS announces key changes for NFTs in latest tax guidelines

The United States Internal Revenue Service (IRS) has released an updated draft of the 2022 tax form which has provided clarity regarding the guidelines for taxes pertaining to the crypto industry, moThe post IRS announces key changes for NFTs in latest tax guidelines appeared first on AMBCrypto.

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US tax watchdog classifies NFT as digital assets for tax purposes

The United States Internal Revenue Service (IRS) could begin to tax non-fungible tokens (NFTs) as it has classified them as digital assets alongside virtual currencies in its updated draft instructions for the 2022 tax year.

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Tax: You May Owe Money for Receiving an Airdrop you Likely Didn’t Even Want

Tax struggles are real. If you’re an Ethereum holder in the United States, you may owe taxes for receiving an airdrop you likely didn’t want. The post Tax: You May Owe Money for Receiving an Airdrop you Likely Didn’t Even Want appeared first on BeInCrypto.

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Ethereum’s Merge and Staking Feature Could Cause Tax Confusion in the UK

According to Bloomberg, the latest Ethereum upgrade to PoS, which uses staking, could cause tax confusion in the United Kingdom. British citizens who stake their Ethereum will not know how much to pay when filing tax returns. Ethereum’s Merge To…

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U.S IRS Obtains Court Summons to Reign in Crypto Tax Evaders

The United States Internal Revenue Service (IRS) has been authorized by a court to issue a so-called “John Doe” summons against M.Y. Safra Bank. The request follows the failure of crypto users who use the bank to pay their transaction…

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UK should lower crypto tax rate to encourage growth – MP Matt Hancock

Matt Hancock, former Secretary of State for Digital, culture, music, and sport, said the United Kingdom must take a long-term approach and lower crypto taxes to allow digital innovation to grow. The post UK should lower crypto tax rate to encourage growth – MP Matt Hancock appeared first on CryptoSlate.

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CryptoSlate Wrapped Daily: Saylor claps back at tax fraud allegations; USDT and USDC at war for market dominance

The biggest news in the cryptoverse for September 1 includes Michael Saylor disagreeing with allegations of tax avoidance, United States probing Binance over AML compliance since 2020, Celsius asking to return $210 million to creditors, and OpenSea supporting only NFTs on PoS post-merge.

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CryptoSlate Wrapped Daily: Bitcoin maximalist Saylor getting sued for tax fraud, volatility expected ahead of Ethereum’s Merge

The biggest news in the cryptoverse for August 31 includes  US Congress asking 5 crypto exchanges to explain how they are combatting crypto fraud, Michael Saylor getting sued for tax fraud in Washington, and Christopher Hamilton being extradited to the United States for trial on OneCoin Scam.

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U.S. states rethinking crypto tax payments amid bear market

United States states except for Colorado and Utah are rethinking allowing tax payments due to bear market prices, Bloomberg News reported July 5. The post U.S. states rethinking crypto tax payments amid bear market appeared first on CryptoSlate.

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U.K. tax authorities seek public consultation on DeFi tax treatment

United Kingdom tax authority H.M.

The post U.K. tax authorities seek public consultation on DeFi tax treatment appeared first on CryptoSlate.

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Crypto miners strike gold in Oklahoma as state introduces new tax incentives

Oklahoma lawmakers are in the final stages of introducing legislation that would make the state the new cryptocurrency mining hub in the United States Called the “Commercial Digital Asset Mining Act of 2022,” the proposed bill would see the state provide various incentives to businesses in “innovative technological industries” that set up shop in Oklahoma.

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A Healthy US Bitcoin Mining Industry Could Generate Significant Tax Revenue

Tax revenue inflows from bitcoin mining companies could represent a meaningful windfall for the United States government.

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U.K. tax officials seem to believe they seized their first-ever NFTs

HM Revenue and Customs (HMRC), the United Kingdom’s tax department, seized three NFTs as part of an investigation into potential tax fraud. The post U.K. tax officials seem to believe they seized their first-ever NFTs appeared first on CryptoSlate.

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United States: Bill to reduce crypto tax on transactions reintroduced as use cases increase

As the asset class has gone considerably mainstream over the past few years, countries worldwide are struggling with the formation of a clear crypto tax regime, especially as the dynamics and use caseThe post United States: Bill to reduce crypto tax on transactions reintroduced as use cases increase appeared first on AMBCrypto.

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FTX’s Sam Bankman-Fried believes billionaires should pay more taxes—including himself

In an interview with CNN, Sam Bankman-Fried, the CEO of FTX, supports the newly proposed wealth tax in the United States. The post FTX’s Sam Bankman-Fried believes billionaires should pay more taxes—including himself appeared first on CryptoSlate.

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IRS Revises Crypto Tax Question in Finalized 1040 Tax Form

The United States Internal Revenue Service has made a revision to a crypto question in the 1040 tax form. The revision is a minor set, aimed at dispelling any confusion that might arise from the wording.

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Crypto Exchanges Subject to 2% Tax in UK Through Digital Services Law

In the United Kingdom, the Her Majesty's Revenue and Customs (HMRC) has said that crypto platforms will be subject to a 2% tax. The post Crypto Exchanges Subject to 2% Tax in UK Through Digital Services Law appeared first on BeInCrypto.

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The IRS Is Looking To Seize Billions Of Dollars Worth Of Cryptocurrency In 2022

Cryptocurrencies were this year a major method of avoiding taxation in the United States according to an annual report published by the Internal Revenue Service. The IRS said it has confiscated $3.5 billion worth of cryptocurrencies linked to tax fraud, and the amount makes up 93% of all assets confiscated this year so far. “I […]

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U.S. Treasury Secretary Wants to Tax Unrealized Crypto Gains

The United States Treasury Secretary Janet Yellen has announced the proposal of a new tax that could hit unrealized capital gains The post U.S. Treasury Secretary Wants to Tax Unrealized Crypto Gains appeared first on BeInCrypto.

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Jack Dorsey Explains “Broker” Meaning in Ongoing Cryptocurrency Tax Bill Dispute

People are reacting differently to the US cryptocurrency tax bill that is shaking the community in recent times. There is a high apprehension that the bill might win the debate and becomes a law in the United States.

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US Senator says proposed crypto laws are a ‘huge mistake’

In one of the earliest opposition to the move to adopt the provision of a crypto tax provision in the $1. 2 trillion infrastructure bill, United States Senator, Mike Lee, has raised concerns that the move would send more citizens below the poverty benchmark line.

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Jack Dorsey has a 'workable simplification' for crypto tax provision

The lack of regulations in the field of cryptocurrencies once again emerged as a pain point when the United States government released its proposed tax provisions, as part of the Infrastructure Bill.

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Ethereum Tops $3,000 As Bull Rally Continues, Hitting Its Highest Level Since May

On August 7, Ethereum crossed above $3K in an ongoing crypto market rally, hitting a three-month high. ETH Is Breaking Out The past few days have been interesting for the crypto markets. Talk regarding dueling amendments to a cryptocurrency tax reporting requirement in the United States bipartisan infrastructure bill being passed in Congress has been […]

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Musk on Proposed Crypto Tax Provision -‘Not the Time to Pick Winners or Losers in Crypto Technology’

Tesla CEO Elon Musk has weighed in on the discussion surrounding a proposed crypto tax provision. The provision, part of the infrastructure bill, will go to a vote on August 7. Meanwhile, United States senators Patrick Toomey, Ron Wyden, and Cynthia Lummis have suggested an amendment to that provision, working in favor of Proof of Work miners.

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Bitcoin-Bashing U.S. Rep Sherman Calls For Outright Ban On Cryptocurrencies

United States Congressman Brad Sherman (D-CA) has urged his colleagues to consider completely shutting down cryptocurrencies, arguing that they are “highly volatile”.  Sherman: Crypto Facilitates Tax Evasion A congressional hearing hosted by the House Financial Services Oversight Subcommittee on June 30 performed an overview of the budding crypto ecosystem. Sherman observed that it would make […]

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Blockchain Caucus Co-Chair: Government Needs The Ability To Reverse Transactions

As blockchain technology becomes more applicable to business and its uses continue to grow, investors are curious as to how the US will regulate crypto. Influential figures at the highest levels of the United States government are finally beginning to discuss cryptocurrencies, blockchain tech, digital assets, and how to regulate and tax those assets. On […]

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