We know that Slovenia’s Finance Ministry is seriously discussing a new bill. If passed, it would levy a 25% tax on profits from trading cryptocurrency that residents make. The proposal would impose tax compliance obligations on traders at the point their cryptocurrency is converted to fiat currency or used to...
The NFT space has had its fair share of ups and downs. This most certainly has opened the doors to many creators and many top-tier artists. Alongside this nascent asset class are a myriad of tax implications that many are still trying to get their heads around. BlockTraderHub.com — Your...
Okay, let's talk about Waylon Wilcox. $13 million in CryptoPunk sales. Millions in evaded taxes. Potential jail time. The news reports are shouting “NFT bubble burst!” and “Crypto is a scam! But hold on a second. Before you write off the entire NFT space because of one guy's alleged (and...
Though cutting-edge and revolutionary, the world of NFTs is becoming more difficult to navigate as tax agencies around the globe pay closer attention. A recent taxpayer case involving Waylon Wilcox is a relevant and sobering reminder of the high stakes of precise crypto tax reporting. Wilcox, an NFT art dealer,...
This CryptoPunk tax case? It isn’t simply a one-off done poorly by some flunky. It's a seismic event for the entire NFT landscape, and honestly, it's exactly what we needed. Alas for Waylon Wilcox, the IRS does not allow you to simply pretend your $13 million in CryptoPunk profit went...
The world of NFTs has been a rapidly growing space in recent years, presenting innovative new spaces for artists, collectors, and investors. This new digital gold rush holds great promise. It introduces a tangled maze of tax consequences that Americans are only now beginning to understand. BlockTraderHub.com is your resource...
The IRS is doing its job. No one argues with that. We can agree that they need to collect taxes, and that everyone should pay their fair share of taxes. When I see a case like Waylon Wilcox, who pled guilty to not reporting over $12 million in income from...
Over the last few years, the landscape of NFTs (Non-Fungible Tokens) has taken off. This boom presents thrilling new opportunities for artists, collectors, and investors to take advantage of. However, this digital frontier comes with a complex web of tax implications that many are only just beginning to understand. BlockTraderHub.com...
A CryptoPunk holder charged with tax evasion? So this is it, right — the beginning of the end for the wild west of NFTs? Wrong. While Waylon Wilcox's case is a stark reminder that the IRS is watching, it's an opportunity. A chance to create a more sustainable, governance-focused, and...
Slovenia's aiming to tax crypto at 25% – a move framed as aligning with international standards and simplifying things for investors. Sounds reasonable, right? Let's dig a little deeper. Who benefits from this simplification, and more importantly, whose standards are we aligning with? Or could this be yet another case...