Outside Accounting’s Post

In 2024, the Australian Taxation Office (ATO) is ramping up its data matching services to better detect discrepancies in cryptocurrency transactions, gig economy earnings, property income, and more. With increased scrutiny and advanced cross-referencing technology, taxpayers must ensure their financial records are accurate to avoid audits and penalties.

Navigating the Future of Digital Asset Taxation: Insights from the Digital Asset Tax Roundtable The Virtual Asset Chamber of Commerce in partnership with Chasing Mavericks and the Kenya Blockchain & Crypto Conference hosted a Digital Assets Tax Roundtable. Here's everything that was discussed. Key Topics:  Discussion on 3% tax on cryptocurrency transactions.  KRA's automated tax collection proposal.  Challenges in compliance and tracking transactions.  Need for collaboration between crypto industry and regulators. Next Steps:  Continued dialogue with KRA and National Treasury.  Future meetings to shape tax policies and frameworks. Check out the full article here: https://lnkd.in/dmSv6hSs S.A KAKAI Ogolla Gilbert Basil Hilda Rita Mugasia Virtual Asset Chamber of Commerce

**Budget 2024: Crypto Tax Regulations Unchanged – Impact and Opportunities for Business Owners** The announcement of Budget 2024 came with a key decision to keep cryptocurrency tax regulations unchanged. Understanding its implications is vital for investors, traders, and business owners in the cryptocurrency market. Here are the main points: 1. **Market Stability**: - Unaltered tax regulations offer market stability, allowing investors to proceed without reevaluating their strategies. 2. **Clarity for Investors**: - Consistent tax policies facilitate clear financial planning, enabling better decision-making, especially for new entrants. 3. **Potential for Market Growth**: - Stable regulations can attract more market participants, leading to increased trading volumes and possible market appreciation. 4. **Lack of Incentives for Long-Term Holding**: - The current tax framework does not encourage long-term investment, possibly promoting short-term trading over holding assets. ### Pros and Cons **Pros**: - Continues the current tax framework, avoiding the need for immediate adjustments. - Offers a stable environment for long-term market participation. - Avoids confusion and administrative burdens linked to new tax regulations. **Cons**: - Maintains the existing tax burden, perceived by some as high and market-restrictive. - No new incentives for long-term investments in crypto. - Missed opportunities to modernize and align with global tax trends. ### Opportunities 1. **Leveraging Tech Solutions**: - Use advanced financial software to ensure compliance and minimize tax liabilities. 2. **Adopting Long-Term Strategies**: - Focus on long-term holding strategies can help build a strong portfolio in a stable regulatory environment. 3. **Exploring Global Markets**: - Diversify by exploring international markets with potentially more favorable tax regulations. 4. **Engaging with Tax Professionals**: - Consult with tax advisors for personalized strategies to optimize tax savings. As the crypto tax landscape remains unchanged, it's crucial to navigate it wisely. For tailored strategies and professional guidance in optimizing your tax liabilities, consider reaching out to **Together CFO** or **setting up a call CONNECT**.

As part of a significant fiscal reform to resolve the budget deficit resulting from recent earthquakes, Turkey implemented a 0.03% tax on crypto transactions As part of a substantial fiscal reform, Turkey is preparing to implement new taxes, such as a 0.03% transaction tax on cryptocurrency trading. The initiative’s objective is to rectify the budget […] #Tech #Cryptocurrencies #regulation

🌊A tidal wave? 🏄Tax pros are ready! The IRS is increasing its cryptocurrency expertise as tax professionals are preparing for a rise in scrutiny and enforcement. Industry experts from alliantgroup, Baker Tilly US, and PIASCIK share their thoughts on some of the latest regulatory developments. From CNBC: “With billions of funding enacted via the Inflation Reduction Act, the IRS has focused on reversing historically low audit rates of higher earners, corporations and complex partnerships. There has also been a rise in digital currency tax investigations from the agency’s crime unit, including unreported capital gains, mining and other income, according to the division’s 2023 annual report.” Read the full article here: https://lnkd.in/gwsvNSx5 #CPA #Accountant #TaxPros #Tax #Taxes #Accounting #Accountancy #Bookkeeping #Finance #Advisory #IRS #Cryptocurrency #Crypto #Blockchain #DigitalCurrency #DigitalAssets #InflationReductionAct #IRA

“Cryptocurrency Tax Complexity: Simplifying Reporting for U.K. Clients with Koinly” #cryptonews - UK Crypto Tax Reporting Simplified by Kraken and Koinly Bivu Das, Kraken UK General Manager, explains the challenges of crypto reporting in the UK and how Kraken is working to… https://lnkd.in/dmKHu6BQ

🌍 The World of Crypto Taxation & the Israeli Tax Authority – A 2018-2022 Snapshot! 📊💸 So, hot off the press: Israel’s State Comptroller Report drops some heavy stats on the Tax Authority’s handling of virtual currencies...but let’s not forget, folks—these numbers date back to 2018-2022! 📅 That was a different era in crypto, practically the Stone Age by today’s standards. 💬 For the past 24 hours, my LinkedIn feed has been absolutely *flooded* with critiques and opinions about the supposed “inactivity” and “missteps” of our Tax Authority. But here’s what I know firsthand 👀⬇️: From my own deep experience (shoutout to my countless hours working shoulder-to-shoulder with Tax Authority investigators), this is a team that’s constantly evolving. Every case we tackled together was met with relentless dedication and a real hunger to advance. Even today, I’m in close touch with the Authority’s senior figures, and let me say—there’s been impressive progress. 🙌 No, it’s not perfect. Yes, there’s more to be done. But we’re headed in a very positive direction. I’d even bet 💰 that the figures we see for 2025-2030 will be on a *whole* new level. Let’s give credit where credit’s due and keep pushing forward! 🚀 #CryptoCompliance #BlockchainRegulation #VirtualAssets #CryptoTax #DigitalTransformation #Fintech https://lnkd.in/dfVhr6Zu

The US Treasury Department has unveiled a new crypto tax regime, set to impact cryptocurrency transactions from 2025. These regulations aim to clarify tax obligations for individuals and businesses engaged in digital asset dealings. Under the new rules, custodians like exchanges and wallets must report crypto transactions exceeding $10,000 to the IRS. This threshold applies […]

News Alert 🇩🇰 Denmark plans to tax unrealized crypto gains in a proposed bill set for 2025, signaling a major shift in crypto taxation policy. ◾The policy will proceed with “mark-to-market” taxation, which would tax crypto investors on unrealized gains or losses, as part of new legislative efforts to address the unique nature of crypto assets. ◾ The upcoming bill, expected in early 2025, would also require crypto service providers to report client transactions, with a potential 42% tax on unrealized gains. ◾ The new rules could apply retroactively to crypto held since Bitcoin's inception in 2009, sparking concerns of a regulatory crackdown on the crypto space. ◾ Definition Reminder: Unrealized gains refer to the increase in the value of an asset that you currently hold but have not yet sold. Read more The Block👇 https://lnkd.in/e4m8JhG6

The U.S. Department of the Treasury and the Internal Revenue Service today issued final regulations requiring custodial brokers to report sales and exchanges of digital assets, including cryptocurrency. These reporting requirements will help taxpayers to file accurate tax returns with respect to digital asset transactions, which are already subject to tax under current law.  These final regulations reflect consideration of more than 44,000 public comments received last fall on the proposed regulations. They require brokers to report certain sale and exchange transactions that take place beginning in calendar year 2025 and will be reported on the soon-to-be released Form 1099-DA. The regulations implement reporting requirements by the Infrastructure Investment and Jobs Act, enacted in 2021.