Here at Camuso CPA, we offer a wide array of tax services for cryptocurrency investors including tax preparation and tax planning.
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Denmark’s tax agency has received the council’s permission to scrutinize three local crypto exchanges. Various news sources have confirmed that the tax agency will obtain information on traders who were investing in cryptocurrencies such as Bitcoin between 2016 and 2018.
The information which the tax agency will obtain includes names, addresses, CPR numbers and possibly, CVR information. After researching information of all the traders on the three Danish crypto exchanges, the tax agency will prepare a list to potential tax defaulters. The agency will then contact them of a screening in order to identify whether or not their trades are exposed to unreported capital gain taxes.
Tax authorities across the world will continue to issue further guidance and focus more heavily on cryptocurrency tax compliance. We will continue to track these developments closely. Time will tell, but it will be interesting to see how things develop here in the states related to the designation of cryptocurrency as intangible property from the Private Letter Ruling in 2014. It is clear that regulatory bodies across the world are taking a serious approach to working to enforce compliance for cryptocurrency investors and traders.
If you searching for CPA firms to assist you with reporting cryptocurrency income and capital gains, contact Camuso CPA. Whether you need tax preparation services, assistance with properly reporting gains and income from virtual currencies on your taxes, cryptocurrency portfolio analysis, or any other service provided by a certified accountant, Camuso CPA can help.