174 Interactions, 4 today
Finally, crypto taxation can become a part of the industry. Jeff Jones, CEO of H&R Block, also commented.
As the controversy over crypto rules heats up, tax practitioners are being more vigilant when it comes to dealing with Bitcoin (BTC) and other profits. H&R Block, a tax planning service provider headquartered in the United States, is asking for more specific rules before dealing with their customers’ cryptocurrency holdings.
Answering tax-related questions on CNBC, H&R Block CEO Jeff Jones called crypto an interesting thing in terms of taxation:
“Because it’s not federally regulated, it’s really not a place we weigh in with consumers much.”
While the current regulatory state of crypto is muggy, Jones doesn’t expect a total crypto ban and expects crypto taxing to be a part of their business in the future:
“Ultimately, we think it could be a place we help customers. But today, it’s not a place where we do a lot of business.”
American governing authorities are scrambling to find out how to handle cryptocurrencies. The market collapse last week, which saw a 50% drop in most coins, seems to have accelerated the trend.
Caitlin Long, CEO of Avanti Financial, stated that a regulatory ban on cryptocurrency has begun in the United States. She expressed optimism about the regulatory work, believing that it would not result in a “Bitcoin ban.”
According to tax attorney Robert W. Wood, “the IRS wants crypto tax data in a big way, from asking about crypto on each tax return to its latest Hidden Treasure initiative.”
The US Treasury Department also released a study on tax reforms for President Joe Biden’s American Families Plan. According to the paper, cryptocurrency exchanges and custodians could notify the Internal Revenue Service of any cryptocurrency purchases worth more than $10,000.