Crypto in the UK, Singapore, New Zealand and the BVI By: Mikhail Charles Pupil Barrister (England and Wales) Barrister (British Virgin Islands, St. Kitts and Nevis, St. Vincent, St. Lucia, Grenada) Summary: An understanding of cryptoassets and their correct legal and tax treatment has become increasingly important to businesses and their advisers. This note …
Crypto in the UK, Singapore, New Zealand and the BVI Read More »
On November 15, 2021, President Biden signed the Infrastructure Investment and Jobs Act (the “Infrastructure Bill”), which significantly expands tax information reporting for certain cryptocurrency transactions. The Infrastructure Bill includes an information reporting requirement for cryptocurrency asset exchanges and custodians on an IRS Form 1099, and an information reporting requirement for certain persons who …
New Cryptocurrency Information Reporting Regime Required on Form 1099 and Form 8300 Read More »
The Charitable Remainder Trust (CRT) and Crypto Ok. Let’s get the obvious part out of the way. I’m not trying to sell you anything. The CRT option has become an attractive option for my crypto clients so I felt compelled to write my own commentary on it. Most of the content available online …
In an upcoming livestream, we will discuss Tax Planning opportunities from both sides of the pond. Feel free to join us. Even before the pandemic, crypto asset investing was short-term and speculative in nature, with many crypto exchanges encouraging high-frequency trading. While professional investors have made (and lost) huge fortunes on crypto assets, many …
US Crypto Investors shielding crypto gains in opportunity zones Read More »
Cryptocurrency investors may be under HMRC scrutiny HMRC has obtained information about those who have bought or sold cryptocurrencies and says it will be writing to them in November. How should you respond if you receive a letter? HMRC has said it will send so‐called “nudge letters” to anyone for whom it’s been …
Crypto Taxation for UK Taxpayers by Weldon Ramirez (FCCA) Read More »
Please visit htj.tax for interviews with thought leaders like Marcelino Fuller. But today, we are going to discuss structures for those that trade in crypto currency. It would be helpful to first identify the differences between a crypto trader and crypto investor which I previously discussed here – https://htj.tax/2021/09/trader-status-for-crypto/ If you are an investor, …
Tax Efficient Trading Structures for US Exposed Crypto Traders Read More »
If you buy and sell crypto, when you file a tax return with the IRS, the IRS treats you as an investor by default. Being an investor, your income from trading is classified as either long term or short term gains or losses by the IRS and is taxed (when realized) as capital income. We …
Trader Status in general and for Crypto in particular Read More »
Fifo Lifo Hifo. Cost basis method for crypto: extremely popular topic these days. Here’s what we wrote about crypto previously – https://htj.tax/?s=crypto In 2014, the IRS issued Notice 2014-21, 2014-16 I.R.B. 938 PDF, explaining that virtual currency is treated as property for Federal income tax purposes and providing examples of how longstanding tax principles applicable to transactions …
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VOICE OVER: This podcast channel it’s about you, successful international entrepreneurs, successful ex-pats, successful investors. Sponsored by HTJ.tax DERREN JOSEPH: Okay. So now we are live. What I will do is I will just able the waiting room. Okay, we’re in, so good evening, good day, good morning to everyone, depending on what part …