• crypto handcuffs
    Canada,  Europe,  Regulation,  United States

    Five countries join forces to crack down on crypto tax crimes

    Tax authorities from US, UK, Australia, Canada, and Netherlands coordinating enforcement

    A group of five nations have formed an international alliance to fight cryptocurrency-related tax crimes and money laundering schemes. The Joint Chiefs of Global Tax Enforcement, or J5, includes tax agencies from Australia, Canada, the Netherlands, the United Kingdom, and the United States. Authorities from the five countries hope the collaborative effort will increase their success in combating cross-border tax crimes. “We will work together to gather information, share intelligence, conduct operations, and build the capacity of tax crime enforcement officials,” the group said on its new page on the IRS website, adding that J5 plans on piloting new approaches and conducting joint operations against offshore tax crimes. Cryptocurrency allows…

  • bitcoin taxes
    Bitcoin,  United States

    Yes, you need to pay taxes on your crypto profits

    Data suggest you’re probably not going to tell the IRS about your gains

    As popular as it is to trade cryptocurrency, it seems it’s even more popular to hide it from the government. The American tax deadline is nigh, so U.S. citizens are tabulating their finances for Uncle Sam to take his cut. But a survey of 250,000 people filing their taxes on a platform called Credit Karma reveals that only 100 of them are declaring capital gains income from their cryptocurrency holdings. It’s a safe assumption that most traders aren’t reporting jack squat. Bitcoin tredecupled in value (that is, it climbed in value more than 13 times) last year, helping to turn cryptocurrency at large into a $500 billion sector. Thomas Lee,…

  • bitcoin taxes
    Alt coins,  Bitcoin,  Cryptocurrencies,  Ethereum,  Litecoin,  Regulation,  United States

    Crypto exchange sued by IRS unveils crypto tax calculator

    Keep calm, trade, and don’t forget to play nice with the government

    We already know that cryptocurrency exchange Coinbase really wants its users to pay taxes on their holdings. Now it’s unveiled a new tool to more easily calculate how much money you owe Uncle Sam for all those profitable bitcoin trades. The government is profoundly hip to cryptocurrency, taking steps to implement and regulate its use for formal purposes like paying tax. It’s also paying deadly attention to people who might be hiding their wealth in crypto assets, which is why the IRS ordered Coinbase to hand over information on nearly 15,000 users it identified as moving more than $20,000 through crypto; it ended up going to court late last year.…