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Britain’s Tax Agency Offering Contract for Tech to Combat Crypto Tax Evasion

News Britain’s tax agency is inviting contractors to provide a tech tool to help Britain’s tax agency combat crypto cybercriminals. What the agency wantsThe technology, which Her Majesty’s Revenue & Customs (HMRC) posted on Jan. 17 in an open contract call worth 100,000 pounds sterling, should ga..

New Hampshire’s Second Bill to Accept Bitcoin as Tax Payment Fails

News Lawmakers in the New Hampshire state legislature have killed a bill that would have allowed state agencies to accept cryptocurrencies as payment for taxes. On Jan. 8, the New Hampshire House of Representatives announced a decision to retract the bill, following a motion from the General Cour..

Bill to Exempt Small Crypto Transactions From Taxes Returns to US Congress

News A bill seeking to exempt personal cryptocurrency transactions from taxation for capital gains has been reintroduced in the Congress of the United States. What the bill looks to changeCalled “The Virtual Currency Tax Fairness Act of 2020,” the bill would establish an exemption for virtual cur..

Bithumb Cryptocurrency Exchange Goes to Court Over $69M Tax Bill

News Major South Korean cryptocurrency exchange Bithumb has decided to litigate a near $69 million (80 billion won) tax bill levied by the National Tax Service (NTS). According to a report published by The Korea Times on Jan. 16, Bithumb filed a complaint with the NTS, suggesting that the imposed ..

Authors of New York’s P2P ‘Public Venmo’ Bill Hope for Greater Decentralization

News New York lawmakers proposed a bill on a peer-to-peer (P2P) savings and payment platform called the “New York Inclusive Value Ledger.” Introduced by New York State Assembly legislator Ron Kim and Senator Julia Salazar, the bill proposes to set up the “empire state inclusive value ledger establ..

Crypto Tax Reporting Failures Can Be Expensive, Even Criminal

Opinion The Internal Revenue Service is aware that millions of cryptocurrency transactions may still remain unreported. Taxpayers may think they will not be caught, and many Coinbase users may have thought their information would be protected until the John Doe summons proved otherwise. The best w..

Tax Compliance Firm TaxBit Raises $5M to Improve Crypto Tax Reporting

News TaxBit, a crypto-oriented tax compliance firm, has raised $5 million in a seed round that saw participation from the Winklevoss twins’ family office, Winklevoss Capital. In a Jan. 6 announcement, TaxBit said that it plans to use the raised funds to enhance its software products on an internat..

South Korea Drafting Legislation To Tax Individual Crypto Profits

News Cryptocurrency and taxation laws are creating a great deal of confusion in South Korea. On Dec. 30, South Korea’s government stated that under current law, it cannot impose income taxes on individuals’ profits from transactions of cryptocurrency. This, however, contrasts with the National Tax..

Bithumb Crypto Exchange Reportedly Considers Litigating $68.9M Tax Bill

News Major South Korean cryptocurrency exchange Bithumb is reportedly looking to undertake administrative litigation over an $68.9 million (80 billion won) tax bill. English-language local news outlet KoreaHerald reported on Dec. 29 that the local tax agency has handed down over 80 billion won in ..

Around the World in 2019 — A Landmark Year for Crypto Taxation

New Year Special 2019 was, without a doubt, a milestone for crypto taxation. Countries around the world realized cryptocurrencies are here to stay and adjusted their crypto tax policies as a result. This year alone, several countries have been busy establishing and amending crypto tax legislation...

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