Latest News For Small Business, Blockchain Crypto Taxes A ‘Nightmare’

KANALCOIN NEWS – The United States Congress gets the latest on Blockchain for small business. At a meeting of the Congress entitled “Formation of Blocks of Change: Benefits of Blockchain Technology for Small Businesses” there was one witness who gave testimony, where the witness stated that expectations regarding Blockchain Crypto taxes that had to be paid were too complicated.

A member of the Lab Protocol Board, Marvin Ammori, said that “doing a tax on Crypto is a nightmare”. He did this to answer questions from U.S. Representative, namely Steve Chanot regarding the status of Blockchain in terms of whether the technology is ready for mass adoption or not. Although Marvin Ammori said that Blockchain is ready for mass adoption, according to him, some technical changes need to be made, including improvements to the user interface.

Judging from legal events, Marvin Ammori stated that there were tax difficulties with the IRS (Internal Revenue Service). So because of this the treatment of taxes becomes very complicated. Here is an example to illustrate the complicated nature of Blockchain Crypto taxes:

When you want to use Bitcoin to buy drinks, you have to record how much the Bitcoin is and how much it is worth when you use it, as well as pay capital gains or losses from each transaction.

The meeting of the American Congress continued from the Crypto-related summit meeting on March 3 at the IRS Washington, D.C. The summit also has the same goal of bringing and accelerating regulators to the latest developments in the industrial world. In late 2019, the IRS released several new guidelines on Blockchain Crypto or Cryptocurrency tax reporting. Although the guidelines are met with mixed reviews. So the adoption of transactions in the form of daily Crypto may not need to be addressed until the IRS takes care of the situation.

Looking at this example, then Marvin Ammori proposed a kind of exception, where if you can get the de minimis tax exemption which has been proposed (Virtual Currency Tax Justice Act) all users must support it. Not only that, Marvin Ammori also filed a petition for additional clarity around the guidelines from the SEC (Securities and Exchange Commission) and the CFTC (Commodity Futures Trading Commission).

Before Marvin Ammori gave a comment, there was a witness who gave a statement, namely Jim Harper, a representative from the American Enterprise Institute. Jim Harper also stated that there is a need for clarity from government agencies regarding Blockchain Crypto taxes and other regulations as a whole in the world of Crypto and Blockchain.

The meeting of the American Congress continued from the Crypto-related summit meeting on March 3 at the IRS Washington, D.C. The summit also has the same goal of bringing and accelerating regulators to the latest developments in the industrial world. In late 2019, the IRS released several new guidelines on Blockchain Crypto or Cryptocurrency tax reporting. Although the guidelines are met with mixed reviews. So the adoption of transactions in the form of daily Crypto may not need to be addressed until the IRS takes care of the situation.

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