Tag Archives: Taxes

Tax Nightmare: 10,000 Bitcoin Trades Net Swedish Man Nearly $1 Million in Taxes

Linus Dunker, a Swedish crypto trader, was shocked to receive a bill for almost $1 million from the Swedish Tax Agency, claiming that the tax demand is “unreasonable.” The case is one of a growing number of cryptocurrency-related cases being taken up by the agency, with several bitcoin traders receiving tax bills for millions of Swedish kronor since last year. Continue reading Tax Nightmare: 10,000 Bitcoin Trades Net Swedish Man Nearly $1 Million in Taxes

Chilean Citizens Will Begin Paying Cryptocurrency Taxes in 2019

Taxpayers in Chile are reportedly going to have to pay taxes on cryptocurrency earnings this year, as the country’s Internal Revenue Service (Servicio de Impuestos Internos, SII) has included a section for cryptoassets in a form that has to be filled on taxpayers’ Annual Income Tax Returns. Continue reading Chilean Citizens Will Begin Paying Cryptocurrency Taxes in 2019

Overstock Will Be First Major Company to Pay State Taxes in Bitcoin

Online retail giant Overstock will become the first major US company to pay part of its 2019 Ohio state business taxes in bitcoin. Overstock — which has a blockchain business division — said the move is part of its ongoing efforts to promote cryptocurrency use. Continue reading Overstock Will Be First Major Company to Pay State Taxes in Bitcoin

Ohio Businesses Can Now Pay Taxes with Bitcoin

Ohio will become the first state in the US to officially accept tax payments in bitcoin, according to a Wall Street Journal report. Beginning this week, businesses who plan to make settlements for their taxes with bitcoin can visit OhioCrypto.com and register to pay all their corporate taxes to the government in BTC. The state government has partnered with crypto payment processor BitPay to handle the payment in crypto and conversion to dollars for the tax office. Continue reading Ohio Businesses Can Now Pay Taxes with Bitcoin

Australia Warns of Scammers Collecting Taxes in Bitcoin

Australia’s official tax authority has warned the public of scammers purporting to be tax agents demanding cryptocurrencies like bitcoin for tax payments. The Australian Taxation Office (ATO) is alerting citizens of fraudsters impersonating the tax agency to seek payments of faux tax debts from unsuspecting victims in cryptocurrency. The scammers who purport to be ATO officials have been defrauding taxpayers since late 2017, the ATO said in a notice this week. According to ATO assistant commissioner Kath Anderson, scammers have so far conned over AUD$50,000 in bitcoin alone. Continue reading Australia Warns of Scammers Collecting Taxes in Bitcoin