Most individuals with unreported cryptocurrency income have options available to mitigate and defend against civil penalties and criminal prosecution.
The move comes after the Spanish finance ministry called the use of cryptocurrencies in organized crime a "pressing challenge."
The MFSA issued a warning against Stocksbtc, denying claims that the startup is registered with the regulator and based in Malta.
Cryptocurrency reminds us that tax and other rules need to be fluid, as inaction or inappropriate responses can halt or slow technological advances.
If cryptocurrency gains acceptance as a means of exchange, it’s sure to raise the ire of governments hungry for revenue from sales taxes.
Thailand is expected to enact a law soon that will mandate cryptocurrency traders for both value added tax as well as capital gain tax.
Calculating tax exposure is always a data-heavy business process. With regular assets, this process is simple. In cryptocurrency, it's anything but.
There's a lot of information to process, but ignoring it can be hazardous. The IRS is going to come after investors who are not reporting their gains.
The tax treatment of hard forks in the U.S. is uncertain and the IRS should issue guidance addressing such issues, says a legal expert.
The IRS' 2014 tax guidance may encourage cryptocurrency users to use unregulated foreign exchanges and use privacy coins like monero or zcash.