Regulation

IRS Expands Crypto Question on Tax Form

Coins Legend August 4, 2022 0

The Internal Revenue Service (IRS) has modified the crypto question asked on Form 1040, the tax form used by all U.S. taxpayers to file an annual income tax return. New Crypto Tax Question The Internal Revenue Service (IRS) published a draft of Form 1040 for the 2022 tax year last week. Form

Regulation

Tax Agency Vows to Go Hard After Koreans Using Crypto to Evade Levies

Coins Legend August 3, 2022 0

South Korea’s tax administration has pledged to take strict measures against tax evasion through virtual assets and platforms. While the Korean government is yet to start taxing capital gains resulting from crypto investment and trading, authorities in Seoul claim cryptocurrencies have been actively used for money laundering. Korean Citizens Accused of Investing in Crypto

Regulation

Tax Collector Wants $55 Million From Collapsed Bitcoin Ponzi Scheme MTI — Liquidators Accused of Failing Their Duty

Coins Legend July 24, 2022 0

In a fresh twist to the collapsed bitcoin Ponzi scheme Mirror Trading International (MTI) saga, revenue collector South African Revenue Services (SARS) has demanded $55.3 million from the scheme’s liquidators. The revenue collector added that it wants the tax bill settled before the MTI liquidation process is finalized. Liquidators Failing ‘as the Deemed Public Officers’

Finance

Declare the Side Hustle — Americans Are Concerned About the 1099-K Tax Rule for Payments Over $600

Coins Legend June 10, 2022 0

Americans are worried about a new tax reporting requirement that will force applications like Venmo, Cash App, Paypal, Airbnb, and Ebay to send 1099-K forms to users. The U.S. Internal Revenue Service (IRS) is specifically focusing on payments of $600 or more for goods and services received through a third-party payment network. US Residents Think […]

Finance

Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament

Coins Legend April 17, 2022 0

A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market for digital assets. Russian Deputies to Review Law on Crypto-Related Taxation The federal government of […]

Finance

Colombian Tax Authority Warns About Consequences of Not Declaring Crypto Related Taxes

Coins Legend April 3, 2022 0

The Colombian tax authority, DIAN, has reminded taxpayers that they need to start registering cryptocurrencies in their statements starting this year. The director of the DIAN, Lisandro Junco, reminded cryptocurrency users that this kind of asset is taxed as any other asset held by citizens. Colombia has already collected $1 billion in digital economy-related taxes. […]