IRS Successfully Unraveled ‘Dozens’ of New Cryptocurrency Cybercriminals

IRS Successfully Unraveled ‘Dozens’ of New Cryptocurrency Cybercriminals

With cybercrimes associated with virtual currencies are continuously on the rise, it is more critical than ever to have security agencies and financial regulators actively scouting this emerging crypto space. Although cyber crimes have been around for several decades now, we can all attest to the fact that these criminals take on new skills and methods with time. This makes it inherently essential for law enforcement agencies and other authorities to be on top of…

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United Kingdom to Tax Crypto Transactions; Does Not Recognize It as Currency

United Kingdom to Tax Crypto Transactions; Does Not Recognize It as Currency

As the development of blockchain technology and cryptocurrency around the globe increases, more nations have already started recognizing their use, and shifting and renewing their laws accordingly to suit the new world of digital transactions. The department of Her Majesty’s Revenue and Customs in the United Kingdom has also made alterations in its policies and recently updated the forms with new information regarding the processing of taxes for cryptocurrency transactions. Previously the tax agency has…

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IRS Issues New Tax Guidelines to Accommodate Crypto Investors and Holders

IRS Issues New Tax Guidelines to Accommodate Crypto Investors and Holders

The issue of crypto taxation has attracted a monumental crowd of opinions lately in the U.S. While the government believes turning to virtual currency as a means of payment could pose a threat to the economy in terms of taxation, regulators are working hard to ensure this emerging class of assets can fit the bill of a currency – like the traditional fiat currency. Due to the controversies and blurry lines surrounding taxation and the…

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H&R Block Wants to Help Crypto Holders Who Received Letters from the IRS

H&R Block Wants to Help Crypto Holders Who Received Letters from the IRS

H&R Block, a global consumer tax services provider, warns taxpayers that the increased volume of letters and notices sent by the Internal Revenue Service (IRS) indicates the possibility of cryptocurrency holders interacting with the tax agency would become much more difficult compared to what it used to be. And the company offers solutions to this growing predicament. The IRS has started sending letters to 10,000 taxpayers associated with cryptocurrencies and potentially failed to pay the…

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France Exempts Crypto-to-Crypto Tax But Not Upon Conversion to Traditional Money

France Exempts Crypto-to-Crypto Tax But Not Upon Conversion to Traditional Money

France’s economy minister Bruno Le Maire declared that France will exempt tax on crypto-to-crypto trade but will impose tax when cryptocurrency is converted to traditional money. Le Maire stated that when the capital gain of cryptocurrency is converted into traditional fiat currency, it is the ideal time to implement taxation. The United States has previously set a precedence for taxation on cryptocurrency by taxing the profits of crypto trades at short-term and long-term capital rate….

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Portugal Reiterates a Tax Free Policy for Cryptocurrency Earnings

Portugal Reiterates a Tax Free Policy for Cryptocurrency Earnings

Cryptocurrency payments and trading using digital currencies are now tax free in Portugal, the European country’s tax authority has clarified. It should be noted that there is no income tax on cryptocurrency earnings in the country. Local Business newspaper Jornal de Negócios has reported earlier this week that the relevant tax authorities have maintained that both cryptocurrency trading in real currencies and remuneration in cryptocurrencies will be exempted from value-added tax (VAT). According to Portuguese…

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New Zealand’s Tax Regulators Legalize Crypto Payments for Salaries

New Zealand’s Tax Regulators Legalize Crypto Payments for Salaries

According to latest official tax information bulletin in New Zealand, cryptocurrency salaries are now legal inside the country starting from September 1, 2019. With that legalization, the companies can now pay their employees salary in cryptocurrency. The past has not been very kind to cryptocurrencies and blockchain technology with the constant threat of criminals hijacking the prospect of the growing crypto industry. Numerous cases of money laundering, cyber crimes and an extremely volatile market have…

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North Carolina Congressman Wants to End Double Taxation on Crypto with Proposed Tax Bill

North Carolina Congressman Wants to End Double Taxation on Crypto with Proposed Tax Bill

The Virtual Value Tax Fix Act was reintroduced in the U.S. House of Representatives by North Carolina’s Rep. Ted Budd (R). The bill, which was first presented on July 25, aims to end the double taxation and record-keeping of cryptocurrency transactions by amending 1986’s Internal Revenue Code. Budd has called the bill a matter of national security. Under the Internal Revenue Code of 1986, gains and losses in trades and exchanges involving real property remain…

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Brazilians Now Must Declare Cryptocurrency Gains to Brazil’s IRS Every Month

Brazilians Now Must Declare Cryptocurrency Gains to Brazil’s IRS Every Month

The Brazilian government recently passed a new law, compelling every citizen to declare his or her crypto transactions at the end of every month. The law, which took effect on August 1, is aimed at curbing criminal acts in the crypto sphere including money laundering, trafficking, and tax evasion. According to a major news outlet in Brazil, Agencia Brasil, citizens of Brazil must report their crypto transactions and holdings to the country’s IRS before the…

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IRS Advises Crypto Holders to Pay Taxes in Special ‘Educational Letters’

IRS Advises Crypto Holders to Pay Taxes in Special ‘Educational Letters’

The U.S. Internal Revenue Services (IRS) has started sending ‘educational letters’ to cryptocurrency holders, advising them to pay taxes they may owe or file amended tax returns for those gains. On July 26, the IRS said that the agency has started mailing letters to taxpayers who failed to indicate crypto transactions, and the tax collector also urges them to pay the tax they may owe. According to the IRS official website, the letters or what…

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