Taxes

CryptoSlate Wrapped Daily: Coinbase bankrolls Tornado Cash users’ lawsuit; Terra Classic makes 1,900% comeback led by community

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The biggest news in the cryptosphere for Sept. 8 includes Coinbase financing the lawsuit against the U.S. Treasury Department over Tornado Cash, Terra Classic’s community-led revival and an attack on the New Free DAO protocol. CryptoSlate Top Stories Bitcoin holds steady as ECB implements 75 bps rate hike Despite European Central Bank’s (ECB) announcement regarding … Read more

Tax implications of the Ethereum Merge and what to do to prepare

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CryptoSlate spoke with Tony Dhanjal, Head of Tax at Koinly, a crypto-focused tax software company. Koinly allows users to create tax reports by linking wallets and exchange accounts and then using on-chain data to calculate any tax liabilities. Creating tax reports for crypto can be almost impossible for the average user and can lead to … Read more

U.S. Treasury wants to include crypto in foreign accounts reporting rules

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A new proposal published by the U.S. Treasury suggests that cryptocurrencies such as Bitcoin and Ethereum should be added to the Internal Revenue Service’s (IRS) rules for reporting taxpayers’ offshore accounts. A recently published document, titled “General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals,” explains that Section 6038D of the Internal Revenue Code … Read more