Is Anyone Paying State Taxes on Bitcoin and NFTs?
Talking Tax4 Loka 2023

Is Anyone Paying State Taxes on Bitcoin and NFTs?

State taxpayers have been sitting on a mountain of cryptocurrency assets for nearly a decade. According to one estimate, by the tax software and compliance firm Revenue Solutions Inc., 4.7 million California residents have stockpiled crypto assets valued at $56.2 billion, while 2.3 million New Yorkers are hoarding $27.7 billion in crypto. Are any of them paying capital gains taxes on the accumulated wealth tied up in Bitcoin, Ethereum, Tether and other digital tokens? And what about those investments in digital art, like Bored Ape Yacht Club non-fungible tokens? Tax compliance analysts believe barely a trickle of tax revenue linked to digital assets is flowing in the direction of state revenue departments. The reasons are varied. Revenue agencies and auditors just don’t understand the crypto landscape. States and taxpayers alike lack full guidance from the federal government. Tracking digital asset transactions is difficult, and connecting them to specific taxpayers is even harder. Fran D’Antonio, solutions sales director at Revenue Solutions, and Miles Fuller, a 15-year veteran of the IRS Office of Chief Counsel who's now director of government solutions at digital tax compliance firm TaxBit, spoke with Bloomberg Tax senior reporter Michael J. Bologna about what they've seen in watching the crypto market closely for several years. Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

Jaksot(431)

Help Wanted: Top Job at IRS Open After Confirmed Chief Splits

Help Wanted: Top Job at IRS Open After Confirmed Chief Splits

One of the most unwanted jobs in Washington is now up for grabs—again. President Donald Trump's IRS commissioner, Billy Long, exited as the head role last week and is expected to be nominated as t...

13 Elo 202512min

Tariffs Draw All Hands—Tax and Others—to the Executive Suite

Tariffs Draw All Hands—Tax and Others—to the Executive Suite

It’s been four months since the Trump administration announced its “Liberation Day” tariffs, and companies are still scrambling to make sense of what it means for their operations and tax planning. ...

1 Elo 202514min

Small Business, Trusts Brace for Phaseout of Paper Tax Refunds

Small Business, Trusts Brace for Phaseout of Paper Tax Refunds

Millions of taxpayers used to getting paper checks from the Treasury Department will soon have to find another way to get their money as the agency phases out paper refunds. The Treasury will send ...

30 Heinä 202513min

Trump Administration Signals Changing Standards for Tax-Exempts

Trump Administration Signals Changing Standards for Tax-Exempts

Tax-exempt organizations are closely watching the Trump administration to see if it makes good on its intention to alter standards around claiming tax-free status. The IRS gave a green light to ch...

23 Heinä 202515min

The Tax Bill's Obscure Breaks and the Road Ahead for Congress

The Tax Bill's Obscure Breaks and the Road Ahead for Congress

Tax breaks for whale captains in Alaska and spaceport builders were among the lower-profile perks included in the GOP's $3.4 trillion tax-and-spending law enacted this month. The policies were nec...

16 Heinä 202514min

What Latin America Can Teach About Tariffs, Transfer Pricing

What Latin America Can Teach About Tariffs, Transfer Pricing

Multinational corporations have been hustling to make sense of the flurry of US tariff policy changes this year, and figure out how to factor that into their transfer pricing. One place that's bee...

9 Heinä 202513min

What the G7 Did to the Global Tax Pact, and What Comes Next

What the G7 Did to the Global Tax Pact, and What Comes Next

The fate of the OECD-led global tax deal was rocked this week after the US and its Group of Seven allies came to an understanding that would exempt American companies from two key parts of the global ...

2 Heinä 202517min

US Audit Board’s Role Still Sparks Debate Two Decades Post-Enron

US Audit Board’s Role Still Sparks Debate Two Decades Post-Enron

Congress is reconsidering the accounting guardrails it put in place more than two decades ago to ensure investors can trust the revenues and asset values listed companies publish. Republican budget...

25 Kesä 202529min

Suosittua kategoriassa Politiikka ja uutiset

uutiscast
aikalisa
rss-ootsa-kuullut-tasta
politiikan-puskaradio
ootsa-kuullut-tasta-2
tervo-halme
viisupodi
rss-vaalirankkurit-podcast
rss-podme-livebox
rss-asiastudio
rikosmyytit
the-ulkopolitist
et-sa-noin-voi-sanoo-esittaa
otetaan-yhdet
io-techin-tekniikkapodcast
linda-maria
radio-antro
rss-sanna-ukkola-show-verkkouutiset
aihe
rss-tasta-on-kyse-ivan-puopolo-verkkouutiset