New R&D tax rules could mean a US exodus for crypto companies
A change to R&D tax rules means that a tech company could lose more than $1 million — but still be on the hook for hundreds of thousands in taxes. Go to Source Powered by WPeMatico
IRS
Auto Added by WPeMatico
FTX’s Bankman-Fried Is Allegedly Using Alameda Funds to Pay for Legal Defense
According to two sources close to FTX, Sam Bankman-Fried, the disgraced co-founder, gave his father, Stanford Law professor Joseph Bankman, millions of dollars. The funds are reportedly being used to pay for legal costs. The sources said that Bankman-Fried allegedly gave “at least $10 million” from the now-defunct quantitative trading firm Alameda Research to his … Read more
Staking gains shouldn’t be taxed until they’re sold
We don’t tax houses while they’re under construction, and we shouldn’t impose taxes on cryptocurrency while it’s staked. Go to Source Powered by WPeMatico
Ted Cruz and Ron DeSantis take on the ‘digital dollar’: Law Decoded, March 20–27
Two lawmakers in one week weighed in against the possibility of a United States central bank digital currency. Go to Source Powered by WPeMatico
IRS calls for public feedback on taxing NFTs as collectibles
Those wishing to offer feedback to the IRS on having NFTs treated as collectibles such as coins or works of art have until June 19 to submit comments. Go to Source Powered by WPeMatico
Bitcoin-friendly Cash App integrates TaxBit amid tax-filing season
Bitcoin evangelist Jack Dorsey’s Cash App is making it easier for BTC holders to calculate their taxes with the TaxBit integration. Go to Source Powered by WPeMatico
ConsenSys releases statement of support for continuation of the Jarrett tax case
The court dismissed the Jarretts’ case over the taxation of staking rewards after the IRS issued the refund the couple sought; not good enough, they said. Go to Source Powered by WPeMatico
What crypto hodlers should keep in mind as tax season approaches
Filing crypto taxes can be complex, especially for those exploring the decentralized finance world. Here’s what to keep in mind. Go to Source Powered by WPeMatico
IRS reminds taxpayers of crypto income reporting ahead of 2022 filing
The IRS’s recommendation to check “Yes” boils down to receiving, earning, transferring or selling cryptocurrencies for any monetary benefit, including mining and staking. Go to Source Powered by WPeMatico
Biden Vows to Veto House Republicans’ ‘Fair Tax Act’ Proposing Elimination of IRS
Several U.S. House of Representatives Republicans have proposed legislation that would significantly decrease funding for the Internal Revenue Service (IRS). The move comes after the newly elected Speaker, Kevin McCarthy, stated that he would challenge the funding granted to the U.S. tax agency in the previous year. Biden Administration Opposes Bill for Rescinding Funding for … Read more
