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IRS Not Infringing Privacy Requesting Crypto Exchange Data: US Judge

News A California federal court has affirmed the validity of the United States Internal Revenue Service’s (IRS) request for data from crypto exchange Bitstamp in connection with an individual tax reporting case. Per a Nov. 25 filing, the court has found that five of the six arguments presented aga..

US IRS Releases Guidance on Crypto Airdrops and Hard Forks

News The United States' federal tax service has issued guidelines for tax reporting regarding cryptocurrency airdrops and hard forks. In an announcement on Oct. 9, the U.S. Internal Revenue Service (IRS) announced the issuance of Revenue Ruling 2019-24, which addresses common questions of tax..

Int’l Accounting Standards Body Defines Bitcoin as ‘Intangible Asset’

News The International Financial Reporting Interpretations Committee (IFRIC) has ruled that cryptocurrencies, including Bitcoin (BTC), are neither financial assets nor legal tender. The Korea Times reported the development on Sept. 23, citing the Korea Accounting Institute’s briefing in regard to ..

Bitcoin Miners to Enjoy Tax Holiday in Iran

Iran’s government is looking to provide tax breaks for bitcoin miners in the country. This move is the latest in a series of steps geared towards supporting the local crypto industry as a way of boosting the country’s economy. Meanwhile, bitcoin mining continues to see increased activity as the net..

These Portfolio Tracking Tools Will Also Prepare Your Crypto Taxes

Tax season is months away, which is why you need to start preparing for it now. Leave everything to the last minute and you’ll only end up cursing your procrastination. Organize your cryptocurrency activity in advance and you’ll breeze through tax deadline day without so much as flinching. Despite m..

New Zealand Is A Good Place To Be Paid In Bitcoin

The New Zealand Tax Department has just issued guidance on salary payments made in Bitcoin and other cryptocurrency. This confirms that such payments are entirely within the law, and clarifies how to deal with them in accounting.Pay Me In Bitcoin The ruling covers payment of wages or salary (incl..

Indian Tax Authority Sends Probing Questions to Crypto Owners – Experts Weigh In

As the Indian government deliberates on the country’s crypto policy, the tax authority continues to send out letters with lengthy, probing questions to crypto owners. News.Bitcoin.com talked to industry experts to find out the implications of these letters, what people can do when receiving them, an..

Buy Bitcoin: Australia to Ban Cash Transactions Over $10,000

Australian lawmakers are set to outlaw the use of cash in transactions exceeding the value of AUD$10,000, which equates to around $6,900. Some in the crypto space have suggested that this only accentuates the value and need for Bitcoin and other decentralized cryptocurrencies.Cash Not Accepted A..

Is US Environmental Tax Policy Hindering Solar Power to Fuel Digital Technologies?

Expert Take Society is now witnessing the implementation of digital currencies, AI and blockchain technology worldwide. These new digital technologies, necessitate very high consumption of electric energy, currently produced with coal and fossil fuels with adverse environmental effects. A global s..

Georgia Exempts Bitcoin From VAT to Become the Next Country to Affirm Its Currency...

Cryptocurrency taxation is a subject that concerns a growing number of users, traders and investors. An area that creates a lot of confusion among taxpayers is the application of VAT, or the value-added tax most countries levy on the sales of goods and services. Georgia has become the latest nation ..

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