South Korea’s largest cryptocurrency exchange Bithumb has officially filed a complaint with the country’s tax authorities (NTS) over a near-$70m (80 billion won) tax bill the company received last November. According to the Korea Times, Bithumb is arguing that the tax bill should be waived based on the fact that cryptocurrencies are not legally recognised as […]

Filing taxes last year was a nightmare for taxpayers, their accountants and the Internal Revenue Service. This year might not be much better. The IRS is still working to issue guidance for the changes to the tax code signed into law more than two years ago. Congress also passed a series of tax breaks late

The decentralized finance (DeFi) boom of 2019, leading to over $758 million in locked crypto assets, is already making accountants dizzy.  If you lock up bitcoin or ether in exchange for a synthetic asset or a stablecoin, as nearly a dozen projects and platforms today allow, is that a trade or merely a temporary reorganizing of the original

U.S. lawmakers have resurrected a bipartisan push to exempt gains from small cryptocurrency transactions from being taxed.  On Thursday, Reps. Suzan DelBene (D-Wash.), David Schweikert (R-Ariz.),  Darren Soto (D-Fla.) and Tom Emmer (R-Minn.) introduced “ The Virtual Currency Tax Fairness Act of 2020,” an amendment to IRS tax code that would exempt realized gains under