CPA Trade Association Pushes IRS for Bitcoin Tax Guidance
The American Institute of CPAs (AICPA) has submitted comments to the IRS that seek to encourage the US tax agency to provide additional clarity as to how bitcoin and digital currency users should report their handling of the technology for tax purposes. The comments, submitted on 10th June 2016 by AICPA chair Troy Lewis, indicated that a lack of clarity in the tax treatment of virtual currency had become a "concern" for tax professionals, and went on to detail 10 areas where it believes improvements can be made to the original guidance. The comments come more than two years after....
Related News
San Francisco-based Ripple Labs, the startup behind the digital payment network Ripple, has joined the International Payments Framework Association (IFPA). The Association, whose members include the likes of ACH, NACHA and SWIFT, provides rule sets, best practices and guidance on how to improve cross-border payments. Nilesh Dusane, director of business development at Ripple Labs, said that the company was
The International Ripple Business Association (IRBA) has recently relaunched with a new website. The IRBA is a non-profit 501(c)(3) organization that focuses on promoting business activity that is built into the Ripple protocol. The IRBA provides guidance to businesses based on the principals used by the American Bankers Association, and the Asian Bankers Association. Special gateways allow the movement of funds to and from Ripple. The gateway acts as an entry point to the Ripple ecosystem, allowing individuals to deposit their funds directly on the network. The IRBA has certified fifteen....
The American Bankers Association (ABA), along with 52 state bankers associations nationwide, has submitted a letter to the US Department of the Treasury, urging an implementation of the GENIUS Act’s prohibition on interest for payment stablecoins. This letter responds to the Treasury’s advance notice of proposed rulemaking concerning the country’s stablecoin bill and underscores the […]
Bitcoin ATM manufacturer Lamassu Bitcoin Ventures has announced a new partnership with e-commerce compliance specialist IdentityMind Global. First revealed informally on 5th October, the integration with IdentityMind will provide Lamassu bitcoin ATM owners with built-in anti-fraud and know-your-customer (KYC) services, automated suspicious activity report (SAR) filings, sanctions screening and transaction monitoring. Lamassu CEO Zach Harvey characterized the deal as one way his company is seeking to better respond to "increasing scrutiny" from US and international regulators, as well as....
Iran’s association of importers has stressed the need for a stable regulatory framework for cryptocurrencies now that the Iranian government is officially using crypto to pay for imports. “By the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries,” a government official said. Imports Association: Iran Needs Stable Crypto Regulation Alireza Managhebi, the chairman of Iran’s Importers Group and Representatives of Foreign Companies (Imports Association), voiced concerns about the....