Hot Topics

Advertisement

Advertisement

Gemini exchange teams up with TaxBit to allow its customers to increase their tax refund

Gemini exchange teams up with TaxBit to allow its customers to increase their tax refund

Quick take

1 minute read

  • You will have more than likely heard of the Gemini crypto platform. 
  • And by the Winklevoss twins, the American based platform is getting ready to team up with the tax compliance company TaxBit. 

You will have more than likely heard of the Gemini crypto platform. And by the Winklevoss twins, the American based platform is getting ready to team up with the tax compliance company TaxBit. This move will help his customers to report their crypto taxes with the tax at centre suite a solution from the company.

One side of the Winklevoss twins, Tyler Winklevoss has said that the software from TaxBit will help reduce the “pain point“ when it comes to taxing cryptocurrency. 

Furthermore, it will also enable users to track the real-time tax impact on the crypto trade on the Gemini platform.

For those that don’t know, the tax centre suite solution from TaxBit is the first crypto-related tax tool that Gemini has ever been involved in or deployed. The announcement has further said that this tool will also allow customers to potentially increase their refunds for tax and lower their liability for it as well.

A representative from the exchange has also gone to say that the company is expecting to integrate the solution in the first half of next year or even sooner if possible. As a result of the integration, the exchange of his customers in the US will be able to download a tax report in a format that will be required by the IRS.

This all comes off the back of the twins investing in TaxBit earlier in 2020. A $5 million seed funding round was participated by the family office, Winklevoss capital.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

You can share this post!

Advertisement

Advertisement

crdt banner

Coinbase co-founder, Fred Ehrsam set to join Fireblocks as a member of the board

Coinbase co-founder, Fred Ehrsam set to join Fireblocks as a member of the board

Quick Take

1 minute read

  • Fred Ehrsam, the co-founder of the crypto platform known as Coinbase is getting ready to join the digital asset security platform Fireblocks. 
  • It was announced last week that Fred would be joining the board following a recent round of funding.

Fred Ehrsam, the co-founder of the crypto platform known as Coinbase is getting ready to join the digital asset security platform Fireblocks. It was announced last week that Fred would be joining the board following a recent round of funding.

The co-founder of the well-known crypto platform is getting ready to join the company as a board member following a $30 million funding ground to help expand its operations on an international level.

Throughout 2020, Fireblocks has launched a secure asset transfer network which would allow more institutions to efficiently transfer assets on chain. And on top of this, the platform also announced that it has seen more than $150 billion in transferred assets over the course of the past year. Fred has said:

“Fireblocks has become the go-to for any business looking to build new digital asset operations or scale existing ones… The extraordinary growth of the Fireblocks Network and its team in the last year attests to the enormous value they have unlocked for enterprise and institutional customers.”

 

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

You can share this post!

Advertisement

crdt banner

North Carolina residents to soon have access to Binance.US services

North Carolina residents to soon have access to Binance.US services

Quick take

1 minute read

  • Binance.US is getting ready to launch its services available to North Carolina residence. 
  • Binance published a statement earlier this month Catherine Coley saying that the digital asset marketplace is now available for residents in North Carolina.

Binance.US is getting ready to launch its services available to North Carolina residents. The subsidiary of the major crypto platform Binance published a statement earlier this month on the 12th of November to CT with the CEO, Catherine Coley saying that the digital asset marketplace is now available for residents in North Carolina.

This would allow them to buy, trade and earn cryptocurrency.

“[North Carolina] is a state that has been involved in building the banking industry and evolving technology,” stated Coley.

It is also worth noting that North Carolina is home to the research triangle park. For those that don’t know, this is a well-known high tech research and development company that includes Cisco systems as well as other consulting companies in relation to blockchain.

In regards to this, they further say:

“Research Triangle Park and the robust school systems in the state have it positioned to meaningfully impact the blockchain industry [...] the state can begin to build more companies that have easy access now to cryptocurrencies.”

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

You can share this post!

Advertisement

crdt banner

IRS crackdown on Coinbase users who are dodging their tax

IRS crackdown on Coinbase users who are dodging their tax

Quick take

1 minute read

  • The tax office of David W Klasing has just issued a public release morning the United State IRS is cracking down seriously with users on the Coinbase platform.
  • The dual licensed tax lawyers employed at the company say that they have been tracking an increase in IRS enforcement activity against users on the platform you are not complying with their requirements for tax and reports.

A specialised Californian tax company, the tax office of David W Klasing has recently issued a public release stating the United States internal revenue service (IRS) is cracking down seriously with users on the Coinbase platform.

The dual-licensed tax lawyers employed at the company say that they have been tracking an increase in IRS enforcement activity against users on the platform who are not complying with their requirements for tax and reports.

The company has heeded a warning saying people who are not paying the tax on the platform “end up facing serious civil and criminal trouble down the line”. They further say:

“If you have failed to report holding Bitcoin or other virtual currencies on your past returns or filed an incomplete or misleading picture of your cryptocurrency holdings, the time to act to correct this is now. Once an audit or criminal tax investigation has begun, it will be too late to amend your returns or take advantage of a voluntary disclosure program.”

A transparency report was released by the exchange earlier this year in October which was highlighted by the law company saying that it should “serve as a major wake-up call“ to users of the exchange.

For those that don’t know, this report clearly indicated that both the IRS and its criminal investigation unit were filing information requests with the platform.

The uptick in the enforcement activity against Coinbase uses from the IRS on those who don’t their taxes would appear to confirm that the exchange is cooperating closely with federal authorities in the United States as the company has further said:

“This data [in the October report] makes it clear that the IRS is requesting information from Coinbase for the express purpose of checking it against its own taxpayer data and looking for discrepancies where holdings on Coinbase have not been reported on taxpayers’ returns.”



For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

You can share this post!

Advertisement

crdt banner

Crypto exchanges boom in Cuba during the pandemic

Crypto exchanges boom in Cuba during the pandemic

Quick take

1 minute read

  • Cryptocurrency has been going at an immense rate over the course of 2020. 
  • With the coronavirus pandemic in full swing and the economic crisis that came as a result still ongoing, crypto is looking as a tasty alternative for mini all over the world.

Cryptocurrency has been going at an immense rate over the course of 2020. With the coronavirus pandemic in full swing and the economic crisis that came as a result still ongoing, crypto is looking as a tasty alternative for many all over the world.

Cuba is one such country that has been seeing a spike in its crypto activities over the course of this year. This comes as there is an absence of related regulation in the country according to senior executives at local crypto companies.

Earlier this month, the nation recorded a massive spike in Google queries relating to bitcoin which suggested an increase in crypto activity in the nation.

Speaking to CT, a local crypto exchange Bitremesas said that the platform has been slowly but surely growing over the course of this year and has seen a noticeable influx in its user activity in recent times. The creator of the exchange, Erich Garcia said “By now, the use of the service is increasing at 200% every month.” 

Mario Mazzola, another founder of a different local exchange known as Qbita, said:

“Bitcoin usage and volume in Cuba is exploding right now.”

Cryptocurrency regulations in Cuba are next to none. They are completely deregulated according to local enthusiasts. Some say that they are neither legal nor illegal but the government in Cuba has favourably looked to the industry in the past.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Related TAGS:

You can share this post!