Tag Archives: irs

The fiscal stimulus package came amid the constantly dropping markets over the rise in the coronavirus spread. The Trump government announced direct payments and tax reliefs to individuals and small businesses. Dow Jones moved up on this news.The coronavirus outbreak has taken the entire global economy on a toss. Businesses across the world are facing the heat of this slowdown as the situation goes from bad to worse. The Dow Jones Industrial Average has been tossing like a crazy ball on the...

South Korea’s Ministry of Economy and Finance has started to review the crypto regulation in the country. In particular, they are reviewing a crypto taxation plan. As South Korea’s Yonhap News Agency has reported, the Korean finance ministry may introduce a 20% tax on crypto gains.Until now, the authorities considered profiting from digital assets as capital gains, and the tax law in South Korea did not see cryptocurrency trading profits as taxable income. However, with the regulatory rule...

On the official website of Lukka, users can create personal taxation accounts, and import the history of deals. Exchanges often give users the possibility to export all the operations in a convenient XLS or JSON file. Importing the data to Lukka will allow the user to report directly to the IRS, with Lukka accountant’s brief support. Lukka has CPA.com as their partners.Those guys are a separate entity working in the jurisdiction of the American Institute of Certified Public Accountants. They...

On Tuesday, the Mega Millions jackpot sadly didn’t see any winners. At least a few million hopefuls were definitely disappointed that they didn’t get to take the top shot of the lottery. The good news here is that all of these people will have another shot at riches by Friday night. Piling on the good news is that the jackpot has now been increased to $340 million, easily making it the 14th largest prize in the history of the lottery after the name was changed to Mega Millions from The Big...

Yesterday, authorities in New Jersey arrested three men for running a cryptocurrency scam called BitClub Network, which defrauded unsuspecting investors of about $722 million. The announcement was made by U.S. Attorney Craig Carpenito in an official press release from the U.S. Attorney’s Office in the District of New Jersey.Initially reported by Bloomberg, Matthew Brent Goettsche, 37, of Lafayette, Colorado and Jobadiah Sinclair Weeks, 38, of Arvada, Colorado, are both facing charges of...

Danish regulators are targeting crypto traders in a tax avoider crackdown. Skattestyrelsen, or Skat, Denmark’s tax agency, has issued warning letters to “20,000 cryptocurrency tax avoiders,” according to European crypto tracking and tax reporting startup Koinly. The move comes months after regulators were sniffing around at a trio of local exchanges for information on crypto investors, placing trading activity from the years 2016-2018 in their sights. Koinly Founder Robin Singh told CCN:...

The Internal Revenue Service (IRS) has published new guidelines for taxpayers who use cryptocurrencies. Already in 2014, when the IRS issued its guidelines it became clear that for tax purposes, virtual currencies – including cryptocurrencies – should be treated as capital assets. The main idea that supports such an approach is that they are convertible into cash. In other words, capital gains tax rules apply to all gains or losses attributable to digital currency.The freshest Revenue Ruling...