The U.S. Deputy Treasury Secretary argued that decentralized privately-issued cryptos can shift some functions of the state to the private sector. The United States Deputy Treasury Secretary argued that decentralized privately-issued digital currencies can shift some functions from the state to the private sector. Deputy Secretary of the Treasury Justin Muzinich presented his view on…
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The United Kingdom government tax agency has updated its cryptocurrency taxation guidelines for businesses and individuals. The United Kingdom’s tax, payments and customs authority, Her Majesty’s Revenue and Customs (HMRC), has updated its cryptocurrency taxation guidelines for businesses and individuals. On Nov. 1, the U.K. government tax agency, which manages taxes alongside other financial policies,…
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Can the U.K. draw inspiration from the UAE and China to regulate cryptos instead of banning them? FCA decides. Since the days of the British Empire, the United Kingdom has been one of the world’s largest and most influential economic powerhouses. Even though its financial control over the world has substantially decreased, the country is…
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Cointelegraph auf Deutsch presents a weekly digest of selected cryptocurrency and blockchain-related developments from the German-speaking world. The German-speaking world has seen an array of crypto and blockchain-related developments over the past week, with the Federal Ministry of Finance concluding that cryptocurrencies are hardly involved in money laundering and terrorist financing (TF), Bitwala integrating a…
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The IRS is hunting crypto user identities. If you are audited, should you hire a professional or do it yourself? Do it yourself or outsource it? Rightly or wrongly, most people seem to fear the IRS, and an IRS audit can be daunting, even if it is entirely by correspondence. Most considerations are arguably the…
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The U.S. IRS will ask taxpayers whether they received, sold, sent or exchanged any financial interest in cryptocurrencies in 2019. The United States Internal Revenue Service (IRS) has added a question on crypto ownership to the standard 1040 income tax form for the coming tax season. IRS wants to know about your crypto in 2019…
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“Willful” vs. “non-willful” tax flubs with crypto transactions have huge consequences with the IRS. Willful and non-willful tax flubs are different. Taxes are complex, and innocent tax mistakes can often be forgiven — maybe with no penalty. Even if there is a penalty, non-willful is vastly lower than willful. In a criminal tax case, this…
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