The law enforcers like the IRS and FBI track Bitcoin with blockchain data and collaborate with private companies in an attempt to trace criminals and taxes. What happens with unreported cryptocurrency? Not reporting Bitcoin despite the obligation to do so may have severe consequences for individuals’ lives and finances. The fine for making an incorrect…
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The attorney general of the District of Columbia has sued Microstrategy’s co-founder and executive chairman, Michael Saylor, for tax fraud. The lawsuit also names Microstrategy as a defendant “alleging that it conspired to help him evade taxes he legally owes.” Both Saylor and Microstrategy denied the allegations. The attorney general is seeking more than $100…
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Mendoza, an Argentinian province, has implemented a system that allows taxpayers to pay their taxes fully with cryptocurrencies. The system, which was launched this week, is part of a strategic push for the modernization and digitalization of payments carried by the tax authority of Mendoza and uses the services of a third party to process…
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No privacy. No property. No prosperity. If you follow the news, you’ve seen the trend — putting legal limits on cash transactions, the emergence of surveillance-oriented, central bank digital currencies (CBDCs), and more recently, crypto mixing platform Tornado Cash being sanctioned by the United States Treasury. There is a new wave of propaganda increasingly demonizing…
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Industry experts say that the current scheme is stifling domestic innovation in the virtual currency sector. According to local news outlet Yomiuri, Japan’s Financial Services Agency is considering amending the virtual currency taxation system for corporate entities ahead of the country’s 2023 tax reform. The proposed change includes removing capital gain liabilities for undisposed corporate…
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South Korea has postponed its crypto gains tax on multiple occasions due to a lack of investor protection measures and regulatory guidelines. The South Korean Ministry of Strategy and Finance on Monday cleared that virtual asset airdrops, staking rewards and hard forked tokens would be subject to a gift tax under the Inheritance and Gift…
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The Internal Revenue Service is hiring a fleet of new agents. And they’re probably coming for you — regardless of your income level. The Inflation Reduction Act, signed into law this month by President Joe Biden, empowers the IRS with nearly $80 billion in new funds. The world’s most powerful tax collection agency is using…
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A national digital currency would help curb tax evasion in Colombia, which is estimated at up to 8% of GDP, the head of Colombia’s tax and customs agency said. Amid Colombia’s economic growth beat expectations in the second quarter, an official at the country’s tax and customs agency has hinted at some national digital currency…
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The U.S. tax service has used the same tactic to gain information from Circle, Coinbase and Kraken in recent years, as analysis finds that half of taxes on crypto go unpaid. The Central District of California federal court entered an order Monday to authorize the United States Internal Revenue Service (IRS) to serve a John…
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The city of Buenos Aires will deploy a number of Ethereum validator nodes in 2023. The statements were made by Diego Fernandez, secretary of Innovation and Digital Transformation of the city, who clarified this deployment will pursue exploratory and regulatory purposes and will help the city to develop regulations for cryptocurrencies.
Buenos Aires to…
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