Cryptocurrency
Key Crypto Tax Compliance Tips for Business Owners
By Sovos Compliance and ZenLedger As digital currency gains traction across the globe, businesses must stay on top of international crypto compliance guidelines more than
Category: Cryptocurrency
Cryptocurrency
Crypto Tax & Unclaimed Property Compliance – A Year-Round Approach
This quarterly blog series focuses on tax information reporting (TIR) and unclaimed property (UP) issues impacting businesses facilitating transactions involving digital assets. Each quarter, Sovos
Cryptocurrency
Crypto Tax & Unclaimed Property Compliance – A Year-Round Approach
Despite the reputation of being a “once a year” thing, tax information reporting and withholding is a year-round organizational compliance process. Add unclaimed property (UP)
Cryptocurrency
Cryptocurrency is Subject to Unclaimed Property Too?
It seems like you can’t go a day without hearing something about cryptocurrency or the associated terms like virtual currencies, bitcoin and fiat currencies. Since
1099
More Changes to Form 1042-S
No matter the size of the business, the tax season kicked off this past month with tax reporting professionals tackling the massive task of issuing
1099
Top 5 Proposed Changes in Crypto 1099 Reporting Guidance
The hotly anticipated crypto 1099 information reporting tax law changes may finally come to light this week. In an interesting twist to the bipartisan infrastructure
Cryptocurrency
Unclaimed Property and Cryptocurrency: State Reporting Considerations
In my previous two unclaimed property and cryptocurrency blogs posts titled, “Regulation and the Impact on Digital Assets” and “Due Diligence Requirements and Compliance,” we
Cryptocurrency
Unclaimed Property and Cryptocurrency: Due Diligence Requirements and Compliance
In my previous blog, Unclaimed Property and Cryptocurrency: Regulation and the Impact on Digital Assets, we explored the impact of unclaimed property regulations in the
Cryptocurrency
Unclaimed Property and Cryptocurrency: Regulation and the Impact on Digital Assets
For the past 70 years, unclaimed property reporting requirements have been challenging for US businesses. Understanding the nuances of individual state statutes and how to
1099
How to Navigate Increased Crypto Tax & Compliance Obligations in 2021
“Regulation always follows innovation, and sometimes, in democracies, it follows a little further behind other jurisdictions.” – Chris Giancarlo, CFTC Chairman Regulators at the IRS,
1099
Tax Issues Only Going to Get Worse with PayPal Going Crypto
Starting in early 2021, PayPal customers can buy, sell and trade select cryptocurrencies using their PayPal and Venmo online wallet accounts. Shoppers will also be
1099
2020 GCS Speaker Spotlight Series | Lukka
Sovos’ Global Compliance Summit – Intelligent Reporting “Speaker Spotlight” Series continues with an introduction to another brilliant tax expert who is particularly knowledgeable in the
1099
2020 GCS Speaker Spotlight Series | Cointracker
Sovos’ Global Compliance Summit – Intelligent Reporting “Speaker Spotlight” Series continues with the introduction to an award-winning subject matter expert on tax in the Cryptocurrency
1099
Prepare to Pay Taxes on Crypto Held in Foreign Accounts
The Government Accountability Office (GAO), a U.S. Congress watchdog, published a report evaluating the IRS’s approach to regulating virtual currency (crypto) and the guidance it
1099
IRS Agrees to More Clarity on Crypto Information Reporting
The Government Accountability Office (GAO), a U.S. Congress watchdog, published a report evaluating the IRS’s approach to regulating virtual currency (crypto) and the guidance it
1099
Starbucks Shakes Up the Banking World
Experts believe Starbucks plans to enter the financial services industry. This belief is based on the huge sum of money Starbucks holds in stored value
1099
See the Latest IRS FY19 Updates on Crypto and Gig Economy Enforcement
The IRS commissioner Chuck Rettig issued the agency’s FY19 updates last month, which included updates on compliance and education initiatives aimed at the emerging gig
1099
Take 5 Minutes to Learn This Year’s Last Minute Tax Information Reporting Changes
Tax time is upon us, which means last minute IRS and state tax information reporting changes are keeping us on our toes. Take five minutes