Tax

Bitcoin Slips Below Support Level to $38.5K as US Tax Return Deadline Approaches

Bitcoin Slips Below Support Level to $38.5K as US Tax Return Deadline Approaches

The leading cryptocurrency by market value fell to $38,577 during the Asian hours, a level last seen on March 15, according to CoinDesk data. Per analytics firm IntoTheBlock, $40,000 was important support, as significant buying activity has happened around that level in the past. The latest decline means the cryptocurrency has lost over 17% since …

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US Lawmakers Reintroduce Bill to Provide Tax Relief for Small Crypto Transactions

US Lawmakers Reintroduce Bill to Provide Tax Relief for Small Crypto Transactions

Jerry Brito, executive director of the crypto think tank Coin Center, which has lobbied for the bill, said the legislation would “relieve users from having to keep track of small personal transactions.” “Not only will this create a level playing field for digital currencies, it will also help unleash innovation on applications like micropayments, which …

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Binance-owned exchange WazirX targeted by India's government for alleged tax evasion

Binance-owned exchange WazirX targeted by India’s government for alleged tax evasion

Tax authorities in Mumbai announced Friday that they had uncovered tax evasion by the Binance-owned crypto exchange WazirX. According to a statement from the GST Mumbai East Commissionerate of Mumbai Zone, “while investigating the business activities of cryptocurrency exchange WazirX have detected GST Evasion of Rs 40.5 Crores. The Commissionerate has also recovered Rs 49.20 …

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House Sends Infrastructure Bill With Crypto Tax Provision to US President

House Sends Infrastructure Bill With Crypto Tax Provision to US President

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

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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