Tax - Tag Archives - Cryptonews (Page 2)

Crypto Mining and Data Centers Take up 2% of Electricity, Tax Policy May Help: IMF

The International Monetary Fund (IMF) reports that crypto mining and data centres together account for 2% of global electricity. This figure is expected to rise to 3.5% within the next three years, raising concerns about the environmental impact of these energy-intensive industries.Increasing the...

, by Tanzeel Akhtar

IRS Updates Crypto Tax Form, Excludes Wallet Address to Ease Privacy Concerns

The IRS has unveiled an updated draft of the 1099-DA tax form, which crypto brokers and investors will use to report certain transactions.

, by Ruholamin Haqshanas

Seoul’s Gangnam to Begin Seizing Crypto from Local Tax Dodgers

Seoul’s Gangnam District says it will probe almost 2,000 residents to check if they have crypto holdings as part of a crackdown on tax evasion. Per Naeil Shinmun, officials in Gangnam announced on August 6 that they would “check for and seize cryptocurrencies such as Bitcoin...

, by Tim Alper

South Korea’s Ansan Says It Will Confiscate Crypto from Tax Dodgers

The South Korean city of Ansan has announced that it will confiscate crypto from tax dodgers who fail to pay local levies. Per Newsis, government leaders in Ansan, Gyeonggi Province, said on August 2 that it would start using a “virtual asset platform seizure system” to...

, by Tim Alper

Fireblocks Partners With TRES to Generate Audit-Ready Tax Reports

Fireblocks said it has partnered with onchain financial data platform TRES to give clients data sources to compile audit tax-ready reports. Fireblocks’customer base of institutions and companies will be able to use TRES to consolidate digital assets and financial activity across wallets...

, by Tanzeel Akhtar

South Korean Province Seizes $138k of Crypto from Tax Evaders

A South Korean province has seized around $138,000 worth of crypto from 31 “tax dodgers,” as a nationwide crackdown continues. Per Newsis, officials in the Jeonbuk (North Jeolla) Special Self-Governing Province confiscated the coins earlier this month. South Korean Province...

, by Tim Alper

South Korean Tax Body Liquidates Crypto Worth Over $800,000

The South Korean tax body, the National Tax Service (NTS), has announced it has liquidated previously frozen crypto worth more than $800,000. In a press conference held at its Seoul headquarters on May 14, the NTS exhibited some of the items it had seized in raids on “high-value” and...

, by Tim Alper

Roger Ver Arrested for $50M Tax Fraud

The United States Department of Justice announced $50 million tax fraud charges against early Bitcoin investor Roger Ver.’

, by Harvey Hunter

South Korean ‘Crypto Tax Crackdown’ Moves to Another City

The South Korean “crypto tax crackdown” continues its nationwide tour, moving on to the city of Yeongcheon in North Gyeongsang Province. While crypto trading profits are not yet subject to taxation in South Korea, local authorities have been seizing and liquidating coins from...

, by Tim Alper

IRS Investigation Chief Anticipates Increase in Crypto Tax Evasion Cases This Year

Guy Ficco, the Criminal Investigation Chief at Internal Revenue Service (IRS), has indicated the agency is bracing for a significant increase in cases of crypto-related tax evasion this tax season. In an interview with CNBC at the Chainalysis Links event in New York, Ficco expressed concerns...

, by Hongji Feng

South Korea Tax Body Set to Seize 5,208 Crypto Traders’ Coins

South Korean tax officials in the city of Pohang are set to seize crypto from 5,208 residents who failed to pay local taxes. The move is part of a national crackdown. The drive saw tax officials seize almost $29 million in coins and fiat in 2023. Per Kyungbuk Shinmun and Daegu Shinmun, the...

, by Tim Alper

South Korean Tax Dodgers Out of Pocket as Authorities Seize $768,500 Worth of Crypto

South Korean “tax dodgers” have been dealt another blow, with tax authorities in the city of Hwaseong confiscating crypto assets worth over $768,500. Tax officers said they had seized a whopping $567,000 of the total from one single individual. The move is part of a continued...

, by Tim Alper

US IRS Reminds Taxpayers to Report all Crypto-Related Income

The US Internal Revenue Service (IRS) has issued a reminder to all taxpayers to report any crypto-related income. The tax regulator has included a digital asset question on 2023 tax return Form 1040. The question asks taxpayers to report cryptos received in 2023 as a reward, award or payment...

, by Sujha Sundararajan

South Korean Tax Body Seized Crypto Worth $28.4m From ‘Tax Dodgers’ in 2023

South Korea’s tax body last year confiscated cryptoassets worth $28.4 million from citizens who were trying to avoid paying taxes. Per Newsis, the number of “crypto tax dodgers” has ballooned from 5,741 – a figure reported in late 2022 – to 10,849. The latest...

, by Tim Alper

South Korean Gov’t to ‘Completely Review’ Crypto Tax Law

The South Korean government says it will “completely re-examine” the “need” to tax crypto traders on their earnings. As things stand, traders are set to be taxed on their earnings from January 2025. But per News1, the government will “review” its stance...

, by Tim Alper

S Korean City of Incheon Seizes $375,000 Worth of Crypto from ‘Tax Dodgers’

South Korea’s Incheon says it has confiscated $375,000 worth of cryptoassets from “tax-evading” residents who tried to hide their earnings in token wallets. Per the media outlet Newsis, the city collected the combined sum from 298 people. The media outlet noted that the...

, by Tim Alper

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