Month: February 2022

ETHEREUM TEM POTENCIAL DE FLIPAR O BITCOIN | CAFÉ BITCÃO #295

▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io SITE: Hoje no Café Bitcão: Analise de fechamento diario do grafico do Ethereum e Bitcoin. E altcoins que os inscritos pedirem. ● CURSO MESTRES DO BITCOIN 3.0 (CUPOM 55%: BEARMARKET) ● Corretora Crypto.com (ganha 50% de desconto nas taxas): ● APP: ● SEJA MEMBRO E GANHE BENEFÍCIOS: Link Para Se Tornar Membro: – LITECÃO: 1 Live exclusiva quarta as 14h por mês. – BITCÃO: 2 Lives exclusivas quartas as 14h por mês – BITCÃO PREMIUM: 4 Lives exclusivas quartas as 14h por…

Luna Foundation Guard Raises $1 Billion to Safeguard UST Dollar Peg – News Bitcoin News

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The Luna Foundation Guard (LFG) has raised $1 billion in a private token sale to allow the group to safeguard the peg of UST, Terra’s flagship stablecoin, against market instabilities. While the token has an algorithmic method to maintain its dollar value, this decentralized reserve — which will be stored in BTC — aims to allow the foundation to intervene if these methods prove to be insufficient. Luna Foundation Guard Introduces $1 Billion BTC Decentralized Reserve The Luna Foundation Guard (LFG), a nonprofit organization established in January with the objective…

Choosing the Best Way to Calculate Cost Basis on Crypto

The tax calculations required for cryptocurrency investments heighten your return’s complexity, and often lead taxpayers to make mistakes during the filing process. For crypto users who use multiple exchanges or wallets, understanding how the IRS treats cost basis assignment is important. Things can get confusing quickly. Miles Fuller is head of government solutions for TaxBit, a provider of tax and accounting services focused on digital assets. The IRS classifies cryptocurrency as virtual currency, which is property for tax purposes. This classification means the agency treats crypto as a capital asset…

StarkNet now open for DApp deployment on Ethereum mainnet

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StarkNet, the Layer-2 scaling solution established by StarkWare, announced that the first few decentralized apps (DApps) built on the platform have been deployed since it launched on the Ethereum Mainnet in November. StarkWare shared the nine projects listed by zkRollups, a digital directory for the zero-knowledge ecosystem, in a Twitter thread. The list ranges from decentralized finance (DeFi) to nonfungible tokens (NFTs) and gaming applications. Here are the latest projects we have listed – all building on StarkNet ✨ from @StarkWareLtd https://t.co/y55wb8p8nb ️ 1/ — zkRollups.xyz (@zkRollupsXYZ) February 22, 2022 StarkNet is…

Crypto Tax Prep Business Booms as Trading Surges and IRS Tightens Screws

However, some incumbents are building rather than buying: “At Jackson Hewitt, we train our tax pros on tax preparation using our internally sourced training materials (which includes what cryptocurrency is and how to handle it on a tax return) and create our own tax software that can handle cryptocurrency, whether it is payment for a business, payment to a client or investing,” Steber said. The company does not have “an account management or crypto support for portfolio issues,” he said. Source

Form 1099-B Is Not the Solution to Your Cryptocurrency Tax Problems

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When the IRS receives a copy of this 1099-B, it will see that you sold $50,000 of bitcoin on Cryptocurrency Exchange B. However, it will not be able to see that your true capital gains for this transaction were actually only $30,000. It will be up to you to prove your cost basis was indeed $20,000. If you can’t prove it, you could be stuck with a zero-dollar cost basis and face a $50,000 capital gain tax bill. Source

How Web 3 Could Change Tax Collection

This will make 1099 form generation impossible because in most cases there’s no third party to generate them. Even if a protocol could generate 1099s, the reports will be incomplete, without the taxpayers’ personal identification information such as name, address and Social Security number. Further, the amounts reported will be inaccurate because the protocol has visibility only into what’s happening inside the protocol. Source