A New Definition of Crypto Comes From the IRS - Law Decoded, October 17-24
IRS expands crypto classification, Ripple gets another point in SEC case, and Hong Kong considers its own regulatory framework in opposition to China.
Newsletter
No matter how much attention the Securities and Exchange Commission (SEC) or the U.S. Commodity Futures Trading Commission gives the crypto industry, for individual traders and investors, it often comes down to the Internal Revenue Service (IRS) position - and how much tax one owes.
Last week, the IRS released a bill last week containing a well-defined section on digital assets that outlines if and how taxpayers will account for the use of cryptocurrencies, stablecoins, and tokens non-fungible (NFT).
Page 16 of the draft defines digital assets as any digital representation of value recorded on a "distributed ledger secured by cryptography or similar technology." The 2021 tax form required taxpayers to indicate whether they had received, sold, or exchanged "virtual currency" - that term changing in the 1040 tax form that had not yet been issued for 2022.
Taxpayers are required to respond to the digital assets section of their tax return whether or not they were involved in digital asset transactions during the tax year. A number of situations will require US taxpayers to answer yes to the digital asset question on Form 1040 or 1040-SR. This includes receiving, rewarding, or paying for goods or services or selling, exchanging, donating, or disposing of a digital asset in 2022.
A new amendment regulates crypto activities in the UK.An amendment to the Financial Services and Markets Bill currently before the UK parliament could extend the powers of the law to regulate financial promotion and other activities to crypto assets. ...
IRS expands crypto classification, Ripple gets another point in SEC case, and Hong Kong considers its own regulatory framework in opposition to China.
Newsletter
No matter how much attention the Securities and Exchange Commission (SEC) or the U.S. Commodity Futures Trading Commission gives the crypto industry, for individual traders and investors, it often comes down to the Internal Revenue Service (IRS) position - and how much tax one owes.
Last week, the IRS released a bill last week containing a well-defined section on digital assets that outlines if and how taxpayers will account for the use of cryptocurrencies, stablecoins, and tokens non-fungible (NFT).
Page 16 of the draft defines digital assets as any digital representation of value recorded on a "distributed ledger secured by cryptography or similar technology." The 2021 tax form required taxpayers to indicate whether they had received, sold, or exchanged "virtual currency" - that term changing in the 1040 tax form that had not yet been issued for 2022.
Taxpayers are required to respond to the digital assets section of their tax return whether or not they were involved in digital asset transactions during the tax year. A number of situations will require US taxpayers to answer yes to the digital asset question on Form 1040 or 1040-SR. This includes receiving, rewarding, or paying for goods or services or selling, exchanging, donating, or disposing of a digital asset in 2022.
A new amendment regulates crypto activities in the UK.An amendment to the Financial Services and Markets Bill currently before the UK parliament could extend the powers of the law to regulate financial promotion and other activities to crypto assets. ...
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