Cryptocurrency Tax News Roundup (Updated Monthly)

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February 2024

Most of the February chatter revolves around tax filing for 2023 and how to strategize for crypto tax in 2024, with the usual pearl-clutching from IMF about crypto posing tax problems. Forbes is set to have what could be an interesting webinar. See the full roundup below:

Crypto Taxes in 2024: What You Need to Know Before Filing – Webinar

“2023 saw the return of the crypto bull market along with a suite of new regulations and pieces of guidance for investors to understand. Join this free event on February 27 at 2pm EST to get up to date on these key developments and answers to all of your other questions.

  • How bitcoin ETFs will be taxed
  • What tax forms investors will receive
  • The impact of new tax guidance that allows firms such as MicroStrategy to mark crypto holdings to market
  • Strategies this year to lower your tax bill in 2025″

Continue Reading on Forbes

6 things tax professionals need to know about cryptocurrency taxes

“As cryptocurrencies gain increasing acceptance and use, tax professionals need to become more familiar with the complex intricacies of these unique assets

Cryptocurrency may be akin to digital money — but it’s a long way from cash for tax purposes. For example, digital assets are classified as property by the U.S. Internal Revenue Service (IRS).

Traders and investors everywhere are adding cryptocurrency to their portfolios. And at tax time, they may be going to their tax professionals for advice on how to handle these assets. Tax professionals increasingly are needing to ascend a steep learning curve to provide their clients with expert advice on cryptocurrency taxes.

However, cryptocurrency tax issues don’t have to be time consuming or scary — and tax professionals can provide exceptional value to clients by remembering some core principles and following established best practices.”

Continue Reading on Thomson Reuters

Bitcoin Taxes in 2024: Rules and What To Know

“Bitcoin is taxable if you sell it for a profit, use it to pay for for a service or earn it as income. You report your transactions in U.S. dollars, which generally means converting the value of your Bitcoin to dollars when you buy, sell, mine, earn or use it

Here’s how Bitcoin taxes work.

  1. When your Bitcoin is taxed depends on how you got it
    If you sell Bitcoin for a profit, you’re taxed on the difference between your purchase price and the proceeds of the sale. Note that this doesn’t only mean selling Bitcoin for cash; it also includes exchanging your Bitcoin directly for another cryptocurrency, and using Bitcoin to pay for goods or services.”

Continue Reading on NerdWallet

Crypto Poses Significant Tax Problems—and They Could Get Worse

“Crypto assets that can be used as instruments of payment have proliferated into more than 10,000 variants since the 2009 debut of Bitcoin, the first and still the largest. The bewildering speed with which they have developed and the pseudonymity they can provide have left tax systems playing catch up.

In a new paper, we discuss how governments can address the emerging challenges of taxing these crypto assets while its use is still limited so that they prevent a leakage in tax revenue and protect the integrity of the tax system.”

Continue Reading on International Monetary Fund Blog

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