If the major superpowers' economies become unstable, we may start to see similar patterns emerge as a result. (The US and Russia usually in the top 10.) It's interesting to note that the inflation rate in Ukraine in 2015 was almost 50% - which makes assets like Bitcoin and other currencies much more appealing. Crypto adoption tends to be high in countries with unstable economies the rankings vary from study to study but adoption rates in Ukraine was high, even before the war. What does this mean for crypto? Given that crypto's massive jump in 2020-2021 took most people by surprise there isn't too much reliable data out there but there's a few things we might be able to discern based on a few data points: Experts are predicting that a recession - possibly a global recession - is looming in the horizon. Increased interest rates means higher interest rates on loans, which is good for savings but bad for investment since loans become more expensive to do. (As a reference, Russia's interest rate jumped to 20%+ after their stock market collapsed after their invasion of Ukraine in late Feb.)
If you are interested in attending, please contact Sharon Tanaka at Here for more information.Inflation in the US markets hit 7.9% last month - while the Federal Reserve was claiming that inflation was "transitory" all of 2021, realizing the US dollar may be in risk of systemic collapse they finally started to consider the possibility of raising interest rates (it's been near 0% for almost a decade now) - arguably their only weapon to combat inflation at this point. We are also pleased to announce that we will be able to offer a limited number of complimentary and reduced cost tickets for this program on a first come first serve basis. tax reporting and payment duties arising from cryptocurrency transactions. Listen as our expert panel discusses recent IRS enforcement actions focused on cryptocurrency and provides practical guidance on the U.S. The IRS requires reporting any transaction involving cryptocurrency as a sale or exchange of property, with the taxpayer bearing responsibility for calculating and maintaining basis in their virtual currency holdings. The IRS treats all virtual currency as property rather than currency for U.S. The value of Bitcoin has topped $50,000 in the past year, prompting a massive compliance initiative aimed at taxpayers holding and trading cryptocurrency. Uniquely, no bank or government authority verifies the transfer of funds. Tax advisers for clients with cryptocurrency holdings must understand the reporting requirements for exchange transactions and the IRS scrutiny cryptocurrency investors are likely to face in the future.Ĭryptocurrency is a digital currency using encryption techniques–rather than a central bank–to generate, exchange, and transfer currency units. The IRS continues to press its concern over “massive under-reporting” of income from cryptocurrency transactions. The panel will also discuss tactics in managing IRS examinations and audits. The panel will discuss the IRS position on the tax treatment of cryptocurrency, analyze IRS monitoring to increase compliance, consider criminal investigations and prosecutions for failing to report cryptocurrency transactions accurately, and define proper reporting and tax treatment for “mining” and exchanging cryptocurrency. This CLE/CPE webinar will provide tax counsel, accountants, and other advisers with a critical first look at new IRS enforcement actions on taxpayer compliance and reporting obligations for cryptocurrency transactions. We are pleased to announce that Steven Toscher, Michel Stein and Evan Davis will be speaking at the upcoming Strafford webinar, “ Cryptocurrency Tax Compliance in the Post-$50,000 Bitcoin World: Tax Filing Requirements, Managing IRS Examinations” on Thursday, April 22, 2021, 10:00 a.m. Posted by Hochman Salkin Toscher Perez P.C.
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