The IRS is Catching Flack Again for Weak Bitcoin Guidance (This Time on IRAs)
US citizens who invest retirement money in bitcoin or other digital currencies could face unforeseen tax consequences as a result of IRS policies, a government report released this week argued. Originally prepared in early December, the Government Accountability Office (GAO) published a report on Monday in which it argued that the IRS needs to do more to inform taxpayers about the potential liabilities they face when investing their individual retirement accounts (IRAs) in blockchain-based assets. As the report states, US law offers a broad degree of leeway when it comes to the types of....
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Singapore again leads the region into new technology. In a press release today, David Moskowitz (owner of Coin Republic) explains that his company received very positive news from Singapore's tax authorities (IRAS) pertaining to the guidance on handling "capital gains, earnings, and even GST (sales tax) on bitcoin exchanges and bitcoin related sales." "Singapore, January 8, 2014: While most governments are scratching their heads about how to handle Bitcoin, Singapore has once again shown its leadership in the region by letting Bitcoin businesses and merchants know how to handle taxation on....
Singapore has given guidance on how it intends to tax bitcoin transactions for businesses and merchants, becoming one of the first governments in the world to do so. Singapore-based bitcoin brokerage Coin Republic received an official response to its requests to the Inland Revenue Authority of Singapore (IRAS) for clarification on how to handle capital gains, earnings, and even GST (aka VAT, or sales tax) on bitcoin exchanges and bitcoin related sales. Coin Republic provided the IRAS with a number of detailed scenarios to match its business activities, and asked the authority to review the....
Considering investing in cryptocurrencies for the long run? Roth IRAs and other tax advantages investment vehicles are worth considering. As the cryptocurrency market matures, more governments throughout the world introduce legislation to tax proceeds from crypto-related activities, with traders often triggering taxable events that can lead to future complications.Avoiding paying taxes is illegal, but there are legal ways to dodge triggering taxable events while hodling onto one’s cryptocurrency holdings: Roth IRAs. These are individual retirement accounts (IRAs) with a special type of....
Bitcoin-funded IRAs are surging in popularity in the U.S. as Americans seek a wealthier retirement.
How IRAs can solve Bitcoin’s capital gains tax problem, enable a Bitcoin standard and push the Bitcoin circular economy forward.