• Cryptocurrencies,  Regulation

    Russian parliament committee: make crypto legal

    The State Duma’s Committee on Financial Markets draft tax bill would give cryptocurrencies legal status—but ban their use as currencies

    According to a Dec. 24 report, the committee said its approval of the bill was motivated by "the ubiquitous spread of digital technologies and the expansion of the scope of the use of cryptocurrencies, including for illegal purposes."

  • IRS crypto traders tax bills
    Cryptocurrencies,  Regulation

    IRS sending crypto traders tax bills they don’t owe

    In many cases, the IRS has been treating every trade as gross income, regardless of gains or losses, according to CryptoTrader.tax

    On Nov. 23, the firm reported one its users received a worrying notice from the IRS. The document in question was a CP2000 Notice claiming that he had underreported his 2018 income to the tune of $250,000 by failing to include his cryptocurrency investing activity on his taxes.

  • Crypto holders ‘alarmingly unaware’ of taxes
    Cryptocurrencies,  Regulation

    Accountants call crypto holders ‘alarmingly unaware’ of taxes

    A new report on the state of crypto taxation makes for grim reading—and concludes accountants fear many investors likely owe back taxes

    The scale of confusion and uncertainty surrounding crypto taxation is so great that half of the American accountants surveyed revealed that they believe most of their clients who own digital assets are likely to be audited.

  • Bittax VP Or Lokay Cohen at the Ethereal conference in Tel Aviv on September 15, 2019 (photo by Molly Jane Zuckerman for Modern Consensus).

    How the IRS is cracking down on crypto taxes: A conversation with Bittax’s Or Lokay Cohen

    At this weekend’s Ethereal Summit, Modern Consensus delved into the murky waters of cryptocurrency taxation and its various pitfalls

    Or Lokay Cohen has been at crypto tax calculation service Bittax since 2016, which means that she may know more about how to file crypto taxes than any other person alive. Lokay Cohen told Modern Consensus that she came to the Ethereal conference in Tel Aviv on September 15 to meet other like-minded crypto people, as she was toying with the idea of using Ethereum-based smart contracts to pay your taxes automatically for the IRS.