The Internal Revenue Service (IRS), a US Treasury department, has released a proposal that could exempt cryptocurrency miners from paying taxes.

Under the IRS tax proposal, mining companies and individual miners would be exempted from this tax obligation. “If approved by the government, the new rules will take effect no earlier than fiscal year 2025” for exchanges and from fiscal year 2026 for brokers.

According to the Treasury department, the document establishes the requirements for cryptocurrency mining companies to submit their reports. It also contains the “tax rules for cryptocurrency exchanges, payment systems and cryptocurrency wallets”.

In the document, of about 300 pages, the definition of “broker” is established, which includes platforms that trade digital assets, payment systems that participate in transactions, some wallet providers and people who regularly offer to buy assets. created or issued by them.

The exemption from paying taxes would be aimed at miners who earn money by confirming transactions on the blockchain. “According to the agency, mining companies are not subject to the law and cannot be considered brokers or intermediaries.”

Discussions on this proposal have started. The Treasury Department and the IRS will hold public comments until October 30, while public hearings are held on November 7 and 8.

M.Pino

Source: noticiascripto

(Reference image source: Kanchanara, Unsplash)

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La entrada Crypto miners could be exempted from paying taxes in the United States apareció primero en Bitfinance.

The payment of taxes for collectibles, such as stamps, sooner rather than later will reach non-fungible tokens (NFT), according to the advances in this regard by the US Department of the Treasury and the Internal Revenue Service (IRS).

The objective of the country’s tax authorities is to clarify an aspect that generates doubt and confusion among NFT holders and creators, as well as their tax obligations.

Both the IRS and the Treasury Department are considering opinions “suggesting that NFTs may be subject to less favorable treatment under capital gains tax rules. This could also have implications for retirement accounts held by NFTs.”

The IRS has indicated that while a clear and definitive regulation is established, NFTs will be considered as underlying assets. As an example, they indicate that the NFT of a jewel must pay a tax, “since the jewel must pay it”. However, doubts arise regarding the NFT of an apple, which in theory will not pay tax unless it is a “work of art”.

M.Pino

Source: cripto247

(Reference image source: Andrey Metelev, Unsplash)

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La entrada United States evaluates payment of taxes by NFT apareció primero en Bitfinance.

The US Internal Revenue Service (IRS) could confiscate the cryptocurrency possessions of those with tax debts, according to various government sources.

Through a conference organized by the American Bar Association, the deputy director of the Council of Procedure and Administration Robert Wearing indicated that these types of assets may be taken by the government as they are considered property.

Wearing stated that “the IRS will retain that property and will try to follow the usual processes to sell it” in order to collect the debt.

On the other hand, the agency would have asked TaxBit to work on the provision of a support service for data analysis and tax calculations on cryptocurrencies.

“This is a milestone for the cryptocurrency industry as it indicates that regulators embrace these assets in a way that they can ensure they adhere to existing regulations”, said Austin Woodward, co-founder and CEO of TaxBit.

K. Tovar

Source: agencies

La entrada US tax agency may confiscate cryptocurrencies apareció primero en Bitfinance.