Marvin Ammori, a member of the Protocol Labs General Council, said some of the complications arise from the need to keep track of the value of bitcoin, for example, at the exact time of each transaction made with the cryptocurrency. One solution he proposed was a de minimis tax exemption, like one included in the Virtual Currency Tax Fairness Act.
Estimated reading time: 0 minutes, 29 seconds
Crypto Causing a Tax 'Nightmare,' Expert Tells Congress
Cryptocurrency is causing a tax “nightmare,” said an expert testifying before Congress during the recent “Building Blocks of Change: The Benefits of Blockchain Technology for Small Businesses,” meeting. So reports Cointelegraph.
Most Read
-
-
Apr 27 2019
-
Written by FinTech News Brief Staff
The Securities and Exchange Commission announced the concept of digital…
-
-
-
Sep 03 2020
-
Written by FinTech News Brief Staff
The IRS issued new guidance indicating cryptocurrency earned from crowdsourcing-based…
-
-
-
Jan 09 2019
-
Written by FinTech News Brief Staff
Ripple CEO Brad Garlinghouse said cryptocurrency and blockchain stand to…
-
-
-
Sep 21 2018
-
Written by Jacob Roberts
Online software vendor Kashoo is forming focus group to react…
-