New York lawmakers have proposed a new tax targeting energy consumption from Bitcoin mining operations, aiming to mitigate environmental impacts. This move seeks to balance economic benefits with sustainability efforts in the cryptocurrency sector.
Stores can accept Bitcoin, but merchants must weigh volatility, payment processors, tax reporting, and security. This guide explains setup options, POS tools, and compliance steps for accepting crypto.
In a recent discussion, a prominent fund manager argued that imposing taxes on Bitcoin may not be a practical approach. He highlighted the complexities surrounding cryptocurrency valuation and the potential deterrent effect on innovation within the sector.
As governments tighten their grip on tax compliance, businesses must adapt to a landscape of evolving regulations. Transparent record-keeping and proactive tax strategies are essential to navigate scrutiny and protect profits in this new era of oversight.
The Internal Revenue Service (IRS) has clarified that any reward or gain earned from crypto staking is considered taxable income and must be reported appropriately on tax returns. Users must report any rewards earned from staking in the section designated for income earned from investments.
At a critical time for the Nigerian economy, local stakeholders are warning against