CRYPTO TAX
South Korea Deploys AI to Track Crypto Taxes Ahead of 2027 Rollout
South Korea's tax agency launches AI-backed crypto monitoring system to enforce upcoming 22% tax on gains, set to take effect in 2027.
Leveraging Data and AI: HMRC's New Tactics Against Crypto Tax Fraud
Discover how HMRC is using data, AI, and global partnerships to enhance crypto tax investigations and compliance strategies, as discussed by Richard Las in Chainalysis' Public Key podcast.
IRS Expects Surge in Crypto Tax Crime Cases as Tax Season Concludes
The US Internal Revenue Service (IRS) is bracing for an increase in crypto tax crime cases as taxpayers file their returns on April 15. IRS criminal investigation chief Guy Ficco predicts a rise in charged Title 26 crypto cases this year and beyond. While crypto has been associated with various financial crimes in the past, Ficco anticipates a surge in "pure crypto tax crimes" in the future.
US IRS Introduces Broad Category for Digital Assets Ahead of Tax Season
The US IRS has created the Digital Assets categories ahead of this year's tax season
U.S Court Issues John Doe Summons to Taxpayers that Failed to Remit Crypto Taxes
The United States District Judge, Paul G. Gardephe has granted permission to the Internal Revenue Service (IRS) to issue what is called a John Doe summons on M.Y. Safra Bank to release information about customers who may have failed to remit taxes received from conducting crypto transactions
Coin Center Sues IRS For Unconstitutional Tax Reporting Rules
Coin Center, a Washington DC-based non-profit research and advocacy centre, has filed a lawsuit against the United States Treasury and the Internal Revenue Service (IRS) for a tax reporting requirement it wants to pass into law.
India to Consider Levying 28% Tax on Crypto Transaction
Through the Goods and Services Tax (GST) body, India is mulling the idea of levying a 28% tax on transactions bordering on digital currencies in the Asian nation.
South Korea Plans to Postpone Cryptocurrency Tax Rule to January 2022
South Korea is planning to delay the implementation of its crypto income tax rules to January 2022, extending it from its previous time frame of October 2021.
IRS Updates 1040 Income Tax Form, Lays Traps for Crypto Tax Cheats
The IRS plans to update the 1040 income tax form for 2020 to make it more difficult for taxpayers to avoid declaring their crypto assets.
EY Launches Crypto Tax Reporting App to Assist Businesses with US Tax Filings
Ernst & Young (EY) is launching a crypto Software as a Service (SaaS) to offer step-by-step guidance that assists with US cryptocurrency tax filings.