Tax Payers Needn’t Disclose Merely Holding Cryptos: IRS Draft 2020 Guidance
The U.S. tax agency has clarified who needs to answer "yes" to a question over cryptocurrency activity included in the draft 1040 income tax form.
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Today was the day many Australians that dabble in bitcoin and other digital currencies were very much looking forward to. The country's tax authority - the Australian Tax Office - was due to release guidance on the use of bitcoin. But they haven't, and it looks like there's going to be a delay period of another month, according to iTnews. "It remains our priority to provide the community with the final guidance paper in time for people to complete their 2013-14 income tax returns," said a spokesperson for the tax office, but of course, tax payers are still very much in the dark. But....
The draft bill would define bitcoin and other cryptos as "currency" instead of an "asset" for tax purposes.
A new bill obliging candidates running for election in Russia to declare their spending on digital assets has hit the floor of the State Duma. According to the draft, Russian politicians will be required to disclose details about every crypto purchase they and their families make, if the total exceeds a certain amount. Candidates to Provide Details About Their Cryptocurrency Dealings The Russian State Duma, the lower house of parliament, has adopted on first reading a draft law that will incorporate the disclosure of cryptocurrency purchases into Russia’s electoral legislation.....
On March 19, the Financial Action Task Force (FATF) published draft guidance on the risk-based approach to virtual assets. The newly updated guidance now applies anti-money laundering and know-your-customer rules to stablecoins, decentralized finance (defi), and non-fungible token (NFT) assets. FATF Defines Decentralized Exchanges and Defi as a Virtual Asset Service Providers For a while now, cryptocurrency proponents have said that one day, global regulators would likely target decentralized finance (defi) and the latest non-fungible token (NFT) hype. For a while now, the Financial Action....
Coinbase Ventures, PayPal Ventures and Winkelvoss Capital have all invested in cryptocurrency tax automation software provider TaxBit. United States regulators are continuing to fine-tune their tax reporting requirements for cryptocurrency users. A second draft of Form 1040 from the Internal Revenue Service for the 2020 tax season published online suggests that the agency will now require anyone who was engaged in any transaction involving cryptocurrency in 2020 will need to declare it:"If, in 2020, you engaged in any transaction involving virtual currency, check the ‘Yes’ box next to the....