Blog Archives

Iceland’s Pirate Party Proposes Cryptocurrency Mining Tax

Posted on 12th February, 2018

Over the past several years, the nation of Iceland has become a hotbed of activity for cryptocurrency mining. With a naturally cold climate (averaging just under 60°F in summer) and ready access to cheap geothermal electricity, the island nation is often seen as an ideal location for large bitcoin mining facilities. As in most countries, […]

IRS-compliant bitcoin accounting program LibraTax nearing beta launch

Posted on 19th August, 2014

If there is a single issue slowing mainstream business adoption of bitcoin, it’s the still-tricky problem of accounting. Although the IRS has offered some guidance on how bitcoin should be treated, and Intuit Labs has made some headway in bitcoin invoicing, there is still no one-stop solution for fully integrating bitcoin payments into their tax […]

Canada to rule on a “case-by-case basis” for bitcoin taxes

Posted on 28th April, 2014

Following their southern neighbor’s lead, the Canada Revenue Agency (CRA) recently issued new guidance on how virtual currencies will be taxed in the country. The document cites related Supreme Court of Canada rulings relating to the Income Tax Act, and indicates specific tax precedents for both personal and business activities, further reinforcing bitcoin’s unique status. […]

IRS declares bitcoin to be property, not currency

Posted on 25th March, 2014

After months of speculation, the Internal Revenue Service has released new rules for including bitcoin in annual tax filings (PDF). According to the rules, bitcoin is to be handled as a form of property, rather than currency, meaning bitcoin itself is to be treated like a stock. This puts many bitcoin buyers in the awkward, […]

Report: How to file bitcoin on your tax return

Posted on 15th March, 2014

As bitcoin becomes a growing part of forward-thinking investors’ portfolios, there’s one huge unresolved question: How do I report it in my taxes? With many newly minted “bitcoin wealthy” investors in 2013, it’s not a small question, particularly as April 15 approaches. Unfortunately, the U.S. government isn’t even sure how to classify bitcoin at the […]

Report: Japan weighs Bitcoin tax following Mt.Gox implosion

Posted on 4th March, 2014

It’s hardly surprising that Japanese officials are reexamining their policies towards Bitcoin. Following the half-billion dollar debacle of Tokyo-based exchange Mt.Gox’s downfall, Japan’s official stance on virtual currencies has been placed firmly in the spotlight. According to an AFP wire report, Japan’s finance ministry and the national tax agency are considering new rules, and possibly […]

Britain to drop 20% tax on Bitcoin trading

Posted on 3rd March, 2014

It’s no secret that Bitcoin’s unusual structure has completely blindsided governments and financial regulators across the globe. In fact, Bitcoin is so unlike traditional forms of money that it’s proving difficult to fit into existing tax laws. Even knowing how to broadly define the cryptocurrency to know how it should be taxed is proving problematic. […]