Joe Biden, the United States president, is reportedly in the process of proposing a tax law targeted at the wealthiest Americans. The news surfaced at a bad time for cryptocurrency investors who are not exactly in their happiest of moods, and rightfully so. The top marginal rate will be increased Read more…
The South Korean government has announced a 20% tax rate for income generated from cryptocurrency trading. Following a Tax Development Review Committee meeting on July 22, the Ministry of Economy and Finance published its revised tax code detailing the new rules. In a section headed, “Taxation on Virtual Asset Transaction Income,” the Read more…
Cryptocurrencies like bitcoin are treated as “property” per IRS rules (IRS Notice 2014-21). When you trade cryptocurrency for a profit, you end up having to pay taxes on the resulting capital gains. The capital gains (profit) is the difference between how much you paid for the cryptocurrency (the cost basis) Read more…
Blockchain-native software and tax services company, Lukka, has been chosen to provide crypto taxation software to the fifth-largest accounting firm in the United States, RSM. From conversation with Lukka CCO Jeremy Drane, and RSM senior manager of international tax and blockchain/cryptocurrency, Jamison Sites, we can find out more about the partnership between Read more…