An article published in Korea Times on Sept 23 has revealed that an international body of accounting – the International Financial Reporting Interpretations Committee (IFRIC) has declared that Bitcoin is not cash or equity, but an intangible asset. IFRIC Labels Cryptocurrencies as “Intangible Assets” International Financial Reporting Interpretations Committee (IFRIC) is a not-for-profit international interpretative
The Tax collection agency of the US Government, the IRS (Internal Revenue System) recently issued strict warnings to 10,000 cryptocurrency investors. The letters iterated that the users might have broken federal tax laws if they have failed to comply with taxes imposed by law. IRS Commissioner Chuck Rettig told the media, “Taxpayers should take these
Cryptocurrency taxes are an area you shouldn’t overlook, yet as CPA Exam Guy explains, becoming a certified accountant is a complex process. If you want to ensure that you record your crypto assets correctly, it is perhaps best to leave this to the professionals. Luckily, there are various applications and tools to help with this.