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ForkLog 13 30.10.2020

Gemini customers to gain automated tax reporting option

The Winklevoss twins' Gemini cryptocurrency exchange will integrate TaxBit's Tax Center Suite in the first half of 2021. This will enable clients to generate real-time reports in the format required by the Internal Revenue Service (IRS).

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ForkLog 7 27.10.2020

IRS to focus on residents’ crypto transactions, not their holdings

The new IRS Form 1040 update allows withholding information about cryptocurrency holdings when there are no buy or sell transactions.

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ForkLog 11 26.10.2020

US Residents to Report Crypto Assets Received Through Airdrops

The U.S. Internal Revenue Service (IRS) presented amendments to Form 1040 for filing individual income tax returns. The updated return requires residents to report coins received as a result of hard forks.

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ForkLog 8 23.10.2020

OECD studies Bitcoin taxation in 50 countries

The Organisation for Economic Co-operation and Development (OECD) published a review of cryptocurrency tax regimes in 50 jurisdictions.

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ForkLog 8 20.10.2020

Bitcoins to Be Declared by Russian Officials

Starting in 2021, Russian officials will have to declare savings and income in cryptocurrency. This is reported by TASS, citing Prosecutor General Igor Krasnov.

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ForkLog 8 19.10.2020

Peter Schiff accused of aiding tax evasion

The uncompromising Bitcoin critic Peter Schiff has become the subject of the largest investigations by tax authorities in Australia, the United States, the United Kingdom, the Netherlands and Canada. Investigators believe that the Euro Pacific Bank he runs provided banking services to criminal syndicates and tax evaders, The Age reports.

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ForkLog 9 13.10.2020

Spain to require cryptocurrency investors to disclose their assets

The Spanish government is drafting a bill that would require cryptocurrency holders to disclose their assets and profits earned, according to Reuters.

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ForkLog 10 12.10.2020

South Korea’s tax agency deems the $68.9 million Bithumb tax levy legitimate

The demand for an additional tax from the cryptocurrency exchange Bithumb is fully justified. This is the view of the National Tax Service of South Korea.

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ForkLog 7 07.10.2020

EU excludes Cayman Islands, popular with crypto firms, from offshore-haven blacklist

EU removed the Cayman Islands from the list of non-cooperative jurisdictions for tax purposes, Reuters reports. Six cryptocurrency exchanges operate there, with clients receiving about $450 million in bitcoin in the first half of the year.

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ForkLog 9 05.10.2020

Media: Jersey’s ‘money-laundering empire’ helped oligarchs dodge taxes for decades

La Hougue, a Jersey-based trust company registered in the Channel, for decades helped clients dodge taxes and launder large sums, including through forged documents, according to journalists from European Investigative Collaborations (EIC), The Bureau of Investigative Journalism and Open Media.

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ForkLog 9 05.10.2020

ICE to track internal Bitcoin transactions

Immigration and Customs Enforcement (ICE) plans to automate oversight of domestic financial operations, including Bitcoin transactions. The software should serve as a complement to the existing open-source solution.

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ForkLog 16 02.10.2020

Coinbase UK to hand over customer data to HMRC for UK residents who received more than £5,000 in crypto

The Coinbase UK cryptocurrency exchange will disclose to HMRC information about residents who received more than £5,000 in cryptocurrencies. Corresponding notices were sent to platform clients.

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