Tax

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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