Taxes

There are certain measures investors can take in order to minimize their taxable income by utilizing their capital losses incurred from selling bitcoin this year.

The British government has recently released a policy paper clarifying the tax laws on crypto assets.

The National Assembly in France has recently shot down proposals to ease up the pressure on tax regulations in the crypto space.

Finnish tax authorities have handed over information on 2,700 bitcoin traders to its Danish counterpart, Skattestyrelsen (SKAT).

This is not the first attempt by U.S. states to allow cryptocurrency to be used in tax payments, although it is slightly different and ultimately the most successful so far.

Tax accountants and firms that specialize in cryptocurrency will emerge to capture and service this market. The first movers will be the ones who stand to capture the oversized profits.

In this 95-page report, multiple sections are dedicated to the issue of cryptocurrency taxation, with the IRPAC specifically recommending “that the IRS issue further guidance on the information reporting and withholding implications of cryptocurrency transactions.”

In an open letter to the Internal Revenue Service (IRS), the U.S. House’s Committee on Ways and Means argues that the tax collection body is leaving investors in the lurch with its vague cryptocurrency tax codes.

Capital gains on cryptocurrency transactions are easy to track, one at a time. What about when there are thousands?

In a bid to fight cryptocurrency tax crime, the U.S. has joined with tax authorities from Australia, Canada, the Netherlands and the U.K. to form the Joint Chiefs of Global Tax Enforcement.