The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision. This text shouldn’t be considered as legal advice. There is considerable talk today about crypto investments for everyone, for individual retirement accounts, via index funds, and more. There are also plenty of crypto-related startups, some of which have gotten quite big and quite valuable. That means options, crypto bonuses, restricted crypto, etc. All of these raise tax issues, and can be confusing. …
Revenue from crypto-to-fiat transactions will be subject to taxation in Azerbaijan, local news outlet Trend reported Saturday, May 5. Nijat Imanov of the country’s Taxes Ministry outlined the new measures during the second Finance and Investment Forum (FIF 2018) in Baku Saturday. During the Forum, Imanov stated: “This is formalized as a profit tax for legal entities and income tax for individuals. If someone bought a cryptocurrency and then sold it after its price increased, this amount is recorded as income and therefore should be attracted to taxation.” Trend further reports that the Azerbaijani cryptocurrency market has seen significant growth …
Ian Balina, a cryptocurrency investor and advisor, was reportedly hacked for more than $2 mln in crypto while doing a live stream on his YouTube channel Sunday, April 15, that he advertised as “Hacking the System.” ICO Review Live Stream - April 15, 2018 https://t.co/M77FDe40OA pic.twitter.com/6o29bR9216 — Ian Balina (@DiaryofaMadeMan) April 16, 2018 Watching the live stream of Balina’s Initial Coin Offering (ICO) review, viewers can see the point where Balina was unexpectedly logged out of his Google Spreadsheets, which is most likely the moment when the hack would have taken place: After the live stream ended earlier than planned, …
The Australian Tax Office will be going after cryptocurrency investors to ensure they are accurately filing their crypto gains on their taxes this year, Business Insider Australia reported Feb. 28. The Australian Tax Office will use data matching and “100-point identification checks" to track down crypto investors, as well as bilateral tax treaties and anti-money laundering commitments to get more information out of the traditionally anonymous crypto sphere and markets. Paul Drum, a member of the National Tax Liaison Group said that this move is a “watershed moment for the ATO” and would “[enable] them to access and thoroughly review …
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[email protected]. In the aftermath of Satoshi Nakamoto’s groundbreaking paper in 2009, money began travelling via a new financial route - virtual currencies. The first Bitcoin exchange was established on February 6, 2010 where Bitcoin traded for the first time for 0.3 cents. Last June, the American Institute of Certified Public Accountants (AICPA) asked the Internal …
The IRS is actively seeking out tax evaders using Bitcoin, employing tools like Chainalysis to unmask them. Many people believe that Bitcoin is anonymous, but it is in fact pseudonymous. All transactions linked to a particular address are visible on the Blockchain, which is public and transparent. However, it is not possible to link a particular wallet address to the real world identity of a person/company without any additional information. While good privacy practices can prevent leakage of information, there is always a point where Bitcoin transactions touch the traditional monetary system (when you use it in a store or …
Digital currency lobby group the Chamber of Digital Commerce receives approval from the Internal Revenue Service as a tax-exempt non-profit organization. On September 30, the Chamber of Digital Commerce announced it had received recognition from the U.S tax authority the IRS as a tax-exempt non-profit organization under the IRS Code Section 501 (c)(6) that classifies business leagues, chambers of commerce, real estate boards, boards of trade, and professional football leagues, which are not organized for profit, from paying taxes. In a press release, the Digital Chamber's President and Founder Perianne Boring said the recognition from the IRS was a big …
American journalist and podcaster David Seaman posted a scathing critique of the IRS’s newly announced stance on Bitcoin earlier this week. The IRS has said it will be taxing Bitcoins, and any other digital currencies, as property. In his post on Medium, called “The US Government’s Vendetta Against Bitcoin is Unacceptable,” Seaman says Washington’s position is going to undercut America’s ability to innovate in the cryptocoin space, and some other countries are going to take the lead. “Miners are subject to the self-employment tax,” he writes. “Are you kidding me? Running a program on your computer makes you self-employed? “I …
The United States’ tax agency, the Internal Revenue Service, clarified its position on cryptocurrencies Tuesday in a statement. The full text is below. The biggest takeaway is that the IRS plans to tax digital currencies as property, which means that: anyone paid in digital currencies as a freelancer/ contractor will need to report this on Form 1099; profits and losses from the sale of such currencies will be subject to capital gains tax (at least if they’re used as capital assets); wages paid in cryptocurrencies must be reported. Income tax for most Americans must be filed by April 15, so …