Tax authorities from five different nations are coming together to combat international financial crimes, with a focus on cryptocurrencies.
A New York resident has been indicted on fraud charges for tricking residents into investing in worthless binary options and a proprietary token.
Like elsewhere in crypto taxation, the rules for funds are far from straightforward, and discrepancies may lead to non-intuitive outcomes.
Tax pros in the cryptocurrency space are applying a hodgepodge of rules that historically have been applied to stocks, bonds and various other assets.
There is little guidance from the IRS on how to treat a token offering or SAFT for tax purposes. Determining how to do so is a fact-intensive process.
Crypto holders willing to take a risk can file an extension, pay their taxes in installments with penalties and interest, and possibly come out ahead.
The ways governments tax cryptocurrency users may be unjust and due for reform, but simply ignoring the law for this reason is a dicey…
The spreadsheet got more and more complicated, until one day it took two minutes to load.
There has been no new cryptocurrency tax guidance from the IRS since 2014. Consequently, few investors fully understand how to treat 2017 gains.
From depreciation of rig equipment to a second reporting and tax requirement after mined coins are sold, tax rules for miners can get complicated.