Most cryptocurrency transactions and exchanges will be subject to taxation in Argentina after the government clarified and updated new rules limiting tax exemptions to third-party payment service providers, according to multiple reports. Argentina will levy a 0.6% tax on exchanges for cryptocurrency purchases and sales....
For consumers who use services like PayPal, Venmo or Square to conduct business, next year’s tax season could be a lot more complicated. As CNN reported on Wednesday (Nov. 10), these payment app providers will need to start reporting customers’ business transactions — that is,...
The controversial proposal by the Biden administration to grant the IRS the power to track bank accounts with more than $600 in annual transactions is now being revisited, following pushback by Republicans and banking lobbyists who called the move an invasion of privacy by the...
Kristo Käärmann, CEO and co-founder of money transfer firm Wise, may face sanctions in the U.K. for a tax violation that could see him banned from the industry. As the Financial Times reported Friday (Oct. 1), Käärmann could be labeled a “deliberate tax defaulter” after...
It’s often said that “nothing is certain but death and taxes” – but that quip could also include changes in tax laws, as the revisions in local, state and federal jurisdictions seem never-ending. As commerce crosses time zones and currencies, and as consumers send all...
Treasury Secretary Janet Yellen and IRS commissioner Charles Rettig have been pressuring lawmakers to give the IRS more information on taxpayers’ bank accounts. The Wall Street Journal (WSJ) reports that the Biden administration is trying to save the tax compliance proposal it put forward. The...
The Congressional Budget Office (CBO) says it has concluded its analysis of a proposal by the White House to increase spending on IRS enforcement activity by $80 billion between 2022 and 2031. According to a recent blog post from the CBO, this funding increase would...
In a letter to Sen. Elizabeth Warren (D-Mass.) IRS Commissioner Charles Rettig said requiring banks to provide insight into customers’ transaction history could help the federal government recoup missed taxes, CNBC reported on Thursday (Sept. 2). As part of President Biden’s American Families Plan, banks...
Volkswagen has joined Tesla in urging Indian officials to lower the import taxes they impose on electric cars, a move that the firm says is motivated by increasing demand for so-called clean vehicles. “The market for EVs has to be big enough for investments to...
