Tag: Digital Asset

IRS Alerts Taxpayers They Must Answer a New Question on Tax Forms or Face Consequences

January 25, 2023
Digital AssetIRSUSUS News
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The Internal Revenue Service (IRS) issued an alert to taxpayers on Tuesday, reminding them that they must report all digital asset-related income and answer a new digital asset question on their 2022 federal income tax return or face consequences such as delayed refunds or even penalties. The IRS said in a Jan. 24 release that a…

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Bipartisan Crypto Bill Proposes Sweeping Oversight of Digital Assets

June 7, 2022
bitcoinBusiness & MarketscryptocurrencyDigital AsseteconomyInvestmentMarketsPoliticsRegional-Local NewsUSUS News
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Two senators—a Democrat and a Republican—will on Tuesday officially unveil a sweeping legislative proposal to regulate cryptocurrencies and other digital assets. “As a former state treasurer, I am excited by the possibilities of incorporating digital assets into the American financial system. The legislation that @SenGillibrand and I are proposing will do just that,” Sen. Cynthia…

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Chinese Capital Outflows via Cryptocurrency Into Japan

November 22, 2021
capital outflowChinaChina Business & EconomyDigital Assetvirtual currency
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Chinese investors have sped up their capital outflows to other countries. Japanese regulators recently found that Chinese investors were remitting virtual currency to Japanese companies and then converting it into Japanese yen. According to The Asahi Shimbun, Japan’s National Tax Agency discovered, in the course of an investigation into corporate fund flows, that a Japanese…

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