IRS Says It Will ‘Soon’ Issue Crypto Tax Guidance in First Since 2014

IRS Says It Will ‘Soon’ Issue Crypto Tax Guidance in First Since 2014

The U.S. Internal Revenue Service is working on its first tax guidance for cryptocurrency since 2014, the agency’s commissioner told a lawmaker Monday. In a reply to Rep. Tom Emmer’s request for further guidance on reporting cryptocurrencies, IRS Commissioner Charles P. Rettig outlined a non-specific plan to release in-depth guidance in the near future. “I share your belief that taxpayers deserve clarity on basic issues related to the taxation of virtual currency transactions and have made it a priority of the IRS to issue guidance,” Rettig wrote.
U.S. Citizens Can Now Accept Their Federal or State Tax Refund in Bitcoin

U.S. Citizens Can Now Accept Their Federal or State Tax Refund in Bitcoin

Federal tax season just passed in the United States, but if you’re one to leave responsibility to the wayside and had to apply for an extension, that might just pay off. It’ll give you the opportunity to become one of the inaugural users of a new joint-endeavor by crypto payment processor BitPay and tax services company Refundo. The new program called CoinRT gives Refundo users the opportunity to take their federal and state income tax refunds in bitcoin. "We believe that as more and more people understand the benefits of Bitcoin, they’ll gravitate to it.
Op Ed: We Just Launched the First Cryptocurrency-to-Tax Payment Partnership

Op Ed: We Just Launched the First Cryptocurrency-to-Tax Payment Partnership

Andrei Poliakov is the CEO and co-founder of Coinberry, one of Canada’s premier digital currency platforms. His company is the first in Canada to partner with a government municipality. I am an engineer by trade. Creating more efficient processes, products and eventually building businesses has been a passion of mine since I can remember. When I got involved with blockchain technology, I realized right away the potential benefits the application of this new technology could have on the financial industry.
Innisfil Becomes First City in Canada to Accept Bitcoin for Municipal Taxes

Innisfil Becomes First City in Canada to Accept Bitcoin for Municipal Taxes

Ohio might have made history as the first state to accept cryptocurrency for corporate taxes, but one Canadian town is adding its name to the books by becoming the first in North America to permit its citizens to pay their personal taxes in bitcoin.The tiny town of Innisfil (with a population of 36,500), situated about 45 minutes north of Toronto, just approved an initiative that will allow its residents to satisfy their municipal taxes (income taxes and property taxes) in bitcoin, beginning in April 2019.

There May Be (Some) Tax Relief Options if You Sold Your Bitcoin at a Loss

For investors whose first time investing in bitcoin was in 2018 or after late 2017, there is a high likelihood that they have incurred substantial losses for the fiscal year of 2018 if they haven’t sold yet. On December 17, 2017, bitcoin hit an all-time high at over $19,000. Thereafter, it has fallen over 80 percent and now hovers at around $4,000 at the time of writing. While losing money is never the end goal, there are certain measures investors can take in order to minimize their taxable income by utilizing their capital losses incurred from bitcoin during the current year and going forward.
British Revenue and Customs Agency Clarifies Law on Crypto Taxes

British Revenue and Customs Agency Clarifies Law on Crypto Taxes

The British government has recently released a policy paper clarifying the tax laws on crypto assets. This fairly straightforward document was released on Her Majesty’s Revenue and Customs’ (HRMC) website, holding a sundry list of important crypto space terms, the relevant tax codes and points of intersection between the two.
French National Assembly Rejects Plan to Loosen Crypto Taxes

French National Assembly Rejects Plan to Loosen Crypto Taxes

The National Assembly in France has recently shot down proposals to ease up the pressure on tax regulations in the crypto space. As reported by Bitcoin.fr, there recently existed a series of proposals to present a friendlier environment to cryptocurrency firms in France, none of which were able to pass the lower house of the nation’s legislature.
Finland Hands Over Info for 2,700 Danish Traders to Denmark’s Tax Agency

Finland Hands Over Info for 2,700 Danish Traders to Denmark’s Tax Agency

Finnish tax authorities have handed over information on 2,700 bitcoin traders to its Danish counterpart, Skattestyrelsen (SKAT). According to a press release, the traders used an undisclosed Finnish exchange to collectively purchase and sell some $15.
Ohio Gives Green Light to Paying Taxes With Bitcoin

Ohio Gives Green Light to Paying Taxes With Bitcoin

Ohio is now setting up an official website to allow businesses to pay taxes with bitcoin. According to a recent article published by the Wall Street Journal (WSJ), the state of Ohio seems to have given tacit acceptance to bitcoin by allowing businesses, although not individuals, to pay all manner of taxes with the cryptocurrency.
IRS Advisory Committee Requests Clearer Guidance for Crypto Tax Code

IRS Advisory Committee Requests Clearer Guidance for Crypto Tax Code

On October 24, 2018, an advisory committee to the Internal Revenue Service (IRS) published a report calling for clarity on the IRS’s position toward cryptocurrency taxation. The Information Reporting Program Advisory Committee (IRPAC) recently released its annual report advising the IRS on possible areas to improve the tax code, specifically referring to data gathered throughout the fiscal year of 2018.
HashChain Technology Acquires Blockchain Company NODE40

HashChain Technology Acquires Blockchain Company NODE40

HashChain Technology Inc. (HashChain) has acquired the blockchain technology company NODE40 for $8 million USD and 3,144,134 common shares of stock in HashChain (TSXV: KASH) (OTCQB: HSSHF).
HashChain Technology Acquires Blockchain Company NODE40

HashChain Technology Acquires Blockchain Company NODE40

HashChain Technology Inc. (HashChain) has acquired the blockchain technology company NODE40 for $8 million USD and 3,144,134 common shares of stock in HashChain (TSXV: KASH) (OTCQB: HSSHF).

Indian Government Turns Fiat Currency War on to Cryptocurrencies

The cryptocurrency marketplace in India is facing a siege from multiple parts of the government as several incidents amount to a buildup of the Narendra Modi–led government’s actions on regulating cryptocurrencies. If the reports out of India are true, the IMF’s “fastest growing country among emerging economies” may have to meet its 7.