The United States Internal Revenue Service has honed in on a new tax evasion target: cryptocurrency users. The agency reportedly assigned several of its elite agents to investigate the use of Bitcoin and other cryptocurrencies as a means of tax evasion.
The IRS unveiled a new tax withholding tool several weeks ago, designed specifically to help Americans ensure that they are not significantly overpaying or underpaying on their tax obligations with the recent changes to tax law.
Thanks to the new Republican tax plan, tax rates in the US are set to decrease for many this year. But how do US tax rates compare to those of other countries?
Following a series of controversies surrounding the amount of tax major tech companies like Amazon, Apple, eBay, Facebook, and Google pay, the UK has announced that it will be reviewing how these companies are taxed.
The Paradise Papers are a collection of documents leaked by the International Consortium of Investigative Journalists that sheds light on offshore tax structures. These documents follow on the heels of the Panama Papers.
Colombian singer Shakira recently handed over a staggering $25 million to settle a tax debt with the Spanish government. Shakira – whose full name is Shakira Isabel Mebarak Ripoll – has been embroiled in a tax dispute with the Spanish government since last year.
Apple has long sparked criticism for its deference of tax payments of foreign earnings, facing allegations of hoarding its cash overseas to dodge tax responsibilities. In total, the company is estimated to hold a staggering 94 percent of its total cash holdings of around $294 billion outside of the U.S.
Jurisdictions around the world are increasingly making moves to tax gains made from cryptocurrency transactions – just like they would tax capital gains made from selling property at a profit or trading gold.
The small Sicilian town of Castelvetrano has recently set a new record for the biggest municipal debt in the country after an accounting review conducted by the country’s Interior Ministry found a staggering €42 million missing from municipal coffers.
Bitcoin essentially had its coming out party in 2017. Once an obscure digital currency known only to techies, cryptocurrencies like Bitcoin are becoming increasingly mainstream.