Materials by tag Tax

Aug 27, 2019 at 12:52
New IRS Notice Brings Worry to US Bitcoin Traders
The Internal Revenue Service (IRS), the United States (US) authority accountable for collecting taxes and overseeing the Internal Revenue Code, posted a sweet video on its official social media platforms about the recently issued CP2000 notices which are of interest to many blockchain users and Bitcoin traders. This is not an audit though it works the same, however, it looks like the IRS notice could cause worry for BTC and digital asset traders.
Jul 30, 2019 at 13:03
Over 10,000 Bitcoin Users Get Warning Letters From IRS
The US federal government revenue service, the Internal Revenue Service (IRS), has started the exercise of emailing around 10,000 letters to different Bitcoin and cryptoasset holders that have maybe failed to pay or report taxes and income on digital asset transactions. They are trying to warn them to act in accordance with the federal tax laws, The WSJ reports.
Jul 28, 2019 at 12:44
Venezuela Turns Tax Revenues into Bitcoin to Bypass Sanctions
The government of Venezuela has allegedly been spinning airport tax revenues into Bitcoin (BTC) and virtual currency to sidestep international sanctions. From the research made by a Spanish newspaper ABC, the President of Venezuela Nicolas Maduro plus his working admin are allegedly exploiting a virtual currency wallet application to spin tax revenue into popular digital assets, and then traded on cryptocurrency exchanges in different countries including China, Iran, Hungary, Russia, etc.
Jul 17, 2019 at 11:01
Another City in Canada Allows Residents to Use Bitcoin for Property Tax Bills
The City of Richmond Hill in Canada, will start accepting the world’s leading virtual currency by market capitalization Bitcoin as a means of payment for property taxes from inhabitants and businesses, The Block reports.
Apr 14, 2019 at 12:51
10 Major Updates in Cryptocurrency Taxation of Q1 of 2019
The first quarter (Q1) of 2019 introduced several key legal updates concerning cryptocurrency taxation. Q1 has seen various countries such as Italy, United States (U.S), Japan, Denmark, Poland, Romania, Venezuela, Indonesia, South Africa, India, Chile and others, define tax treatment for cryptocurrencies including Bitcoin (BTC), the top virtual asset by market cap (MC), Ethereum (ETH) and Ripple (XRP).
Mar 30, 2019 at 17:19
Italy Plans Using Blockchain in Fighting Tax Evasion
Blockchain technology has the capability to offer steadfast, dependable and reliable information in real time to a massive Italian population, creating a system where both taxpayers and tax collectors have equal assurance in the candor of the data gathered. It can be used to combat tax evasion in Italy and other parts of the world.
Mar 20, 2019 at 13:24
Blockchain Tech to Help Manage Digital Identity in Italy
The management of digital identity on the blockchain through smart contracts must essentially split the difference with full decentralization - the requirement for sufficient legal assurances of transactions achieved via smart contract doesn’t appear to be able to work without steadfast third parties, particularly when there are tax effects.
Mar 11, 2019 at 14:43
The Canadian Revenue Agency Starts to Audit Users Involved in Crypto Trading
Cryptocurrency operations have caught the eye of the Canadian Revenue Agency (CRA), Canada’s primary tax-collecting institution. It has been concerned about risks associated with cryptocurrencies and lawful regulation of taxes in the digital asset field.
Feb 25, 2019 at 15:17
Latvian Tax Service to Use Blockchain Technology to Combat Shadow Economy
The State Revenue Service of Latvia calls for the use of Blockchain technology to control tax flow and combat the shadow economy. As one of the possible solution, Blockchain-based systems can be used in the cash registers reform.
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