A Bitcoin Tax Reporting Nightmare Is Coming In 2023
As bitcoin investors prepare for tax season, they may not be surprised to learn that misguided regulation will make tax reporting even harder in the future.You spend weeks pouring over your transaction history, trying to make sure that your tax return is accurate. Despite your best efforts, you end up getting a warning letter from the IRS saying that you owe thousands of dollars in unpaid taxes. It might sound like a bad dream, but just a couple of years ago, this nightmare scenario actually happened to thousands of cryptocurrency investors. And, because of short-sighted regulations....
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The new law redefines "cash" to include "any digital representation of value" including cryptocurrency, but in an anonymous system, is this going to work? The Infrastructure Investment and Jobs Act (H.R. 3684) put crypto in the crosshairs, where Congress and the Internal Revenue Service (IRS) hope to scoop up enormous tax dollars. This reporting regime is projected to rake in an astounding $28 billion over the next ten years. No other provision in this massive recently enacted federal law is supposed to produce tax dollars that are even close. If you don’t think that means the IRS is....
Shark Tank star and the owner of the NBA team Dallas Mavericks, Mark Cuban, has warned that the U.S. Securities and Exchange Commission (SEC) will come up with rules for token registration that will be “the nightmare that’s waiting for the crypto industry.”
Mark Cuban Foresees SEC Coming Up With ‘Nightmare’ Crypto Regulation
Billionaire Mark Cuban, the Shark Tank star who owns the NBA team Dallas Mavericks, warned in a tweet Saturday about how the SEC will regulate crypto tokens.
His warning was in response to a tweet by U.S. Senator....
Node40 has a reputation for establishing a stable hosting environment with ceaseless uptimes, and is becoming well known within the Dash ecosystem due in large part to the company’s method of incentivizing the blockchain network. Financial Reporting With Node40. However, Sean Ryan and Perry Woodin — the team behind Node40 — are working on a new system for financial reporting that they hope to release to the public in the coming months. This new tool or utility, dubbed “Masternode Financial Statements,” enables efficient and accurate reporting to the IRS. For Dash users this inspires....
The reporting requirements, aimed at reducing the size of the tax gap, were scheduled to take effect in January 2023, with crypto firms sending reports to the IRS starting in 2024. The provision in the U.S. infrastructure bill signed into law in November, which will require financial institutions and crypto brokers to report additional information, could reportedly be delayed.According to a Wednesday report from Bloomberg, the United States Department of the Treasury and Internal Revenue Service may not be willing to enforce crypto brokers collecting information on certain transactions....
The European Union’s finance chief announced that a bill introducing a digital euro will be hitting tables in European parliament as early as 2023. The European Commission has announced that a bill for a digital euro will be proposed in 2023. As first reported by Politico, EC finance chief Mairead McGuinness officially disclosed the EU’s formal consideration of digital euro legislation at a fintech conference on Wednesday. "Our goal is to table legislation in early 2023,” the Commissioner for Financial Service said. “A targeted legislative consultation in the coming weeks."The European....