Tag Archives: Bitcoin Taxes

UK MP Wants to To Introduce Bitcoin Tax Payments

UK Member of Parliament, Eddie Hughes, has called for local authorities to take a lead, and accept Bitcoin payments. The Conservative politician also believes that a lack of reliable information is holding back wider adoption. The UK Should Take the Lead MP Hughes’ comments, reported in the Express newspaper, follow the recent announcement that Ohio now allows local companies… Read More »

Crypto Accounting Firm Predicts Massive Loss Claims in IRS Tax Filings for 2019

With more people rushing into the cryptocurrency market since late 2017 and the subsequent year-long bear market in 2018, one accounting envisages a barrage of loss claims in cryptocurrency and Bitcoin tax filings next year. Record Loss Claims in Cryptocurrency Tax Filings In a press release by NODE40 – a cryptocurrency accounting firm, the company forecasts that the… Read More »

Governments Are Taking Wrong Approach to Cryptocurrency Taxation

Cryptocurrency, Taxes–Earlier today EWN reported on a development by several different countries, including Japan, to impose more severe regulations and protocols for catching so-called “cryptocurrency tax evaders.” However, the approach of vilifying the group of investors, particularly in the broader context of this year’s market and the state of crypto regulatory oversight–or lack thereof–is sending the wrong message… Read More »

Bitcoin Tax Payments in Ohio is Now a Possibility

Ohio might just become the first state to successfully adopt Bitcoin as tax payment, after failed attempts from other states in the country. Ohio’s Cryptocurrency Initiative Set to Fly High According to the Wall Street Journal, businesses in Ohio can now pay its taxes, ranging from taxes from cigarette sales to employee taxes, using the virtual currency, Bitcoin.… Read More »

Ohio Becomes 2nd U.S State to Accept Bitcoin for Tax Payments

In what could be a further critical sign of cryptocurrency adoption in the U.S, businesses in Ohio will shortly be able to pay their taxes online using Bitcoin. The progression will be rolled out to personal taxpayers at some point in the future. ‘Planting a Flag’ for Bitcoin Adoption in Ohio State Treasurer Josh Mandel pioneered the idea… Read More »

France Considers a Flat Capital Gains Tax for Bitcoin

The finance commission in France’s lower house of parliament has reportedly backed plans to decrease taxes on bitcoin sales, putting it on the same level as the standard capital gains tax. 30% Flat Tax on Bitcoin Gains Reuters reports that the finance commission in the lower house of the French parliament has backed plans to ease taxation on… Read More »

Student Turns $5K into $800K Trading Crypto, But Now Owes $400K in Taxes

One college student turned his $5K investment into $880k but now says trading “ruined” his life as he’s facing $400k in cryptocurrency taxes.  From Big Profits to a Tax Nightmare An anonymous college student recently posted on Reddit to solicit advice about what to do while they face a massive tax bill in the wake of cryptocurrency trading.… Read More »

Ex-Bitcoin Skeptic Ron Paul Says Crypto Could Prevent Recession

Advertisement Twitter Facebook Retired US Congressman Ron Paul, a one-time bitcoin skeptic, called for a tax exemption on all cryptocurrencies, saying the move could prevent an economic recession. Ron Paul, the father of current United States Senator Rand Paul, made the suggestion in a blog post entitled “Trump Is Right, the Fed Is Crazy,” where he blasted the Federal Reserve… Read More »

U.S. Lawmakers Ask IRS To Focus on Simplifying Cryptocurrency Taxation

Cryptocurrency, Taxation–In an open letter submitted on Wednesday, members of the United States Congress made a bid to the IRS to shift practices away from fretting over the enforcement of cryptocurrency laws and to instead seek simplification. While research has repeatedly found that taxes paid on cryptocurrency gains and crypto-based transactions is abysmally low compared to other sectors… Read More »

Norway: Crypto Miners See Millions in Profits, Tax Office Sends Reminder

Tax authorities in Norway have urged diligence when reporting cryptocurrency profits after news emerged that two miners paid just 74,000 kronor ($8750) in tax on reported holdings of 34 BTC ($218,000). Much Bitcoin, Little (Taxable) Wealth As local news outlet Dagens Næringsliv reports August 20, Philip Eriksen and Roy Arne Olsen amassed the funds from a now-defunct mining… Read More »