Global Tax LLC Announces Free Consultation on Bitcoin & Taxes
Global Tax is the premier US accounting firm in the Bitcoin/blockchain industry and is offering a FREE consultation on Bitcoin & Taxes for Black Friday & Cyber Monday.
“Whether you’re trading digital currencies full time, just sold the bitcoins you mined in 2011 or simply want to accurately report your Bitcoin activity, we understand your situation. We keep current with the latest industry and regulatory developments and, like you, we’re excited about Bitcoin’s potential,” said Global Tax LLC Owner Daniel Winters.
All of the below activities generate taxable income and should be reported to the IRS:
- Working for Bitcoin as a contractor or employee
- Selling or Trading Bitcoin
- Mining Bitcoin
- Selling items online and receiving Bitcoin as payment
To learn more, contact Global Tax LLC for your FREE consultation on Bitcoin & Taxes.
Global Tax is owned by Daniel Winters, who has over 12 years of tax experience and holds both a Masters of Taxation and an MBA. Daniel has written a course for accountants about Bitcoin and has been interviewed by Bloomberg and Thomson Reuters. An active member of the New York area Bitcoin community, Daniel has presented at the New York Blockchain Conference, Texas Bitcoin Conference and the New York Bitcoin Center.
http://globaltaxaccountants.com/form2.php
Related News
Most transfers of cryptocurrency are taxable, unless the transfer is qualified as a gift or a charitable contribution. Way back in 2014, the United States Internal Revenue Service (IRS) ruled that cryptocurrency is property in Notice 2014-21. That classification as property has some big tax consequences accentuated by wild price swings. Buying and selling crypto can trigger gain or loss and be taxable. Yes, buying something using crypto — a house, a car, a new suit — can trigger taxes. Even paying taxes in crypto can trigger taxes.If you owe $5,000 in taxes, you could pay the $5,000 in....
The Financial Services Regulatory Authority (FSRA), a regulator in the United Arab Emirates (UAE)’s financial center and free zone, the Abu Dhabi Global Market (ADGM), has released a consultation paper that proposes amendments to regulations that govern the use of virtual assets. Regulator Seeks to Amend Requirements for Public Keys A regulator in the Abu Dhabi Global Market (ADGM) — a financial centre and free zone located in the UAE — has unveiled a consultation paper proposing amendments to the regulatory framework that governs the use of virtual assets. The paper....
Editor’s note: The original introduction to this article has been replaced with one written by tax accountant Daniel Winters, which corrects some factual inaccuracies in the original. While the IRS rules have not changed since last year, it’s important to understand how to handle the taxes on Bitcoin transactions since Bitcoin income is not tax free. Accurately reporting taxes for Bitcoin can be tricky since the IRS treats Bitcoin as property, NOT currency. Since Bitcoin is property, you need to calculate gains or losses. The number of Bitcoin users has grown significantly since 2015, and....
The Swiss government will enforce new blockchain laws in less than a year. Switzerland’s Federal Department of Finance has initiated a consultation process for a blanket ordinance in the blockchain and distributed ledger technology space. The consultation will happen among cantons, parties and other interested groups in this space. It is scheduled to continue for more than three months, ending on Feb. 2, 2021. This is a part of the Swiss government's active interest in promoting blockchain and cryptocurrency. The consultation to create better laws for the blockchain industry comes only a....
Bitcoin transactions are exempt from value-added-tax (VAT) in Spain, says Spanish tax lawyer Alejandro Gómez, The General Directorate of Taxes, a subsidiary of the Spanish taxing authorities, made the statement in a response to a request from Gómez. According to Gómez, the consultation found that Bitcoin payments were a form of financial service and thus exempt from VAT under the Council Directive 2006/112/EC of 28 November 2006. A translated version of the consultation concludes, "Therefore, we can conclude from the Granton Advertisingjudgment, that of the concept "other negotiable....