Tax

House Sends Infrastructure Bill With Crypto Tax Provision to US President

House Sends Infrastructure Bill With Crypto Tax Provision to US President

blandly Another provision included in the bill to amend Tax code section 6050I has also stoked fear in the crypto industry. The law, written nearly 40 years ago to apply to in-person cash transactions over $10,000, essentially requires recipients to verify the sender’s personal information and record their Social Security number, the nature of the transaction …

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Treasury preps guidance on infrastructure bill's crypto tax reporting rules: report

Treasury preps guidance on infrastructure bill’s crypto tax reporting rules: report

order Lyrica from canada advertisement The U.S. Treasury is preparing guidance on the crypto tax reporting provisions in the infrastructure bill, which recently passed the Senate and is heading for the House, according to a Bloomberg report published Friday.  The provisions provoked a mass outcry from the cryptocurrency industry, which saw the definition of “broker” as excessively broad. Per …

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Kentucky poised to approve tax, energy incentives for cryptocurrency mining

Kentucky poised to approve tax, energy incentives for cryptocurrency mining

Public records indicate that lawmakers in Kentucky appear set to approve two proposed laws aimed at incentivizing cryptocurrency mining activity in the U.S. state. There are two bills moving through the state’s legislature, known as the General Assembly. One is centered around tax incentives and, as noted by local media, is part of a broader …

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Crypto tax startup TaxBit raises $100 million in round backed by PayPal, Bill Ackman and more

Crypto tax startup TaxBit raises $100 million in round backed by PayPal, Bill Ackman and more

Utah-based crypto tax and accounting startup TaxBit has raised more than $100 million in a Series A round. First reported by Forbes, the round was led by investment companies Paradigm and Tiger Global, with participants including PayPal Ventures, Coinbase Ventures and Winklevoss Capital. The startup offers cryptocurrency tax software for crypto users, exchanges and vendors. …

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Swiss canton Zug now accepts bitcoin and ether for tax payments

Swiss canton Zug now accepts bitcoin and ether for tax payments

The canton of Zug, one of the Swiss Confederation member states, has begun accepting bitcoin (BTC) and ether (ETH) for tax payments after initially announcing support last September. Kanton Zug has partnered with Bitcoin Suisse for the initiative, meaning the Swiss crypto firm will convert residents’ BTC and ETH tax payments into Swiss Francs for …

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Crypto Holders Still Face Issues Reporting Tax Liabilities, Survey of CPAs Finds

Crypto Holders Still Face Issues Reporting Tax Liabilities, Survey of CPAs Finds

Crypto-literate public accountants are concerned their clients might face Internal Revenue Service (IRS) audits and penalties for underpaying taxes on their crypto holdings, a new survey finds. Cryptocurrency accounting service provider Blox and tax software developer Sovos conducted a survey of roughly 45 Certified Public Accountants (CPAs) familiar with crypto, finding that the majority believe …

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