Danny

It is super important to individually label your wallets in the crypto tax software you are using! If you don’t, all of the data from those wallets will get lumped together and reconciling your account will be a nightmare☠️ If you want to see how the pros handle this, check out our new YouTube video:) youtu.be/4vvtFr5hud4?si…

IRS just released updated guidance on NFTs as a collectible under US tax law. It's not good news for NFT holders - collectibles have a higher long-term tax rate of 28% The good news is IRS has requested public feedback on the guidance. irs.gov/newsroom/irs-i…

According to @WSJ the Biden budget proposal is set to include crypto within wash sale rules, perhaps unsurprisingly. Most countries with wash sale rules already include crypto. Thanks @Cointelegraph for the mention cointelegraph.com/news/biden-wan…

Can the IRS can track crypto? Yes. They can also seek powers to obtain transactional information from exchange users - link to court petition for Kraken user info below. The IRS launched an investigation for taxpayers who haven't complied between 2016-2020 Report your taxes.

I'm seeing a rise in platforms (mainly US) that purchase illiquid NFTs for tax loss harvesting benefits. Surely economic substance rules here prevail... Does anyone have thoughts on these?

Have your say on the Board’s Review of the Tax Treatment of Digital Assets and Transactions in Australia at taxboard.gov.au/sites/taxboard…. Registrations are open for public consultation sessions in September. Written submissions close 30 September 2022.

@ef_morton I would have thought the ATO can better flag if prefill is likely to be incomplete. Perhaps starting with prior year info as a baseline then a simple questionnaire about new accounts/investments/assets reconciling current prefil info to what you've disclosed

It is worth waiting until prefill data is ready to go... Question I am curious to hear opinions on: should we disallow submissions that rely on prefill data (or even employment data) until complete/correct? Rush = waste time/resources #taxcompliance #tax accountantsdaily.com.au/tax-compliance…

Recognition from the #Albanese govt that "regulation is struggling to keep pace and adapt with the #crypto asset sector"... ministers.treasury.gov.au/ministers/jim-…

The proposal will be submitted to Japan’s Financial Services Agency this week, asking them to put an end to taxing unrealized gains on crypto holdings “if the firm owns them for purposes other than short-term trades.” buff.ly/3oymKJl

“While #digitalcurrencies have the potential to become an ordinary part of Americans’ everyday lives, our current tax code stands in the way,” @SenToomey Interesting bill particularly as the adoption in crypto spending cards increase. @WanSamuel cryptoslate.com/us-senators-pr…

Arizona Law: Airdrops are not taxed as income when received - makes sense where mainly used for marketing purposes and not 'expected'. Particularly relevant for 'Standard' and 'Holder' airdrops as explained by @Cointelegraph. cointelegraph.com/news/what-is-a…

Thanks @Cointelegraph for including some of my insights on the @CelsiusNetwork Chapter 11 filing. cointelegraph.com/news/celsius-v…

Celsius has initiated Chapter 11 bankruptcy proceedings and has vowed to get back on its feet. But some are concerned this could mean a drawn-out process for Celsius customers and investors who want their funds back. cointelegraph.com/news/celsius-v…

@CelsiusNetwork just filed for bankruptcy. Is this #MtGox2.0? A huge setback in passive income arising from #crypto bloomberg.com/news/articles/…

Cardano founder @IOHK_Charles with a great answer on #Crypto regulation to US congress 🇺🇸

Can you pay #tax on something of value you didn't expect or ask for? #Airdrops are commonly used as a marketing tool have brought into question the meaning of deriving 'income'. @BrennaGoth explains the latest #cryptotax bill in Arizona news.bloombergtax.com/daily-tax-repo…

One of the first #crypto-related statements from @AustralianLabor: "Crypto not taxed as foreign currency" Whilst acknowledging that #Bitcoin is used as legal tender in El Salvador (and others!) the statement reaffirms previous @ato_gov_au guidance. ministers.treasury.gov.au/ministers/jim-…

Do you know what is "loss harvesting"? If you bought at a high price and sold at loss, you might be able to cut down your tax bill. buff.ly/3mYZTFX

Perhaps a step in the right direction? Getting robust policy in place ahead of hasty adoption is going to be a preferred option for most governments as they embrace #Crypto #regulation decrypt.co/103126/panama-…