A change to R&D tax rules means that a tech company could lose more than $1 million — but still be on the hook for hundreds of thousands in taxes. The new R&D law has overly broad language that states “any and all” software development must be amortized over five years if the development took…
369 ViewsTechnology innovations such as software programming, coding, apps and AI development, and computing and communications hardware manufacturing will be exempted from taxes in El Salvador. El Salvador, the first country to establish Bitcoin as a legal tender, made another historic decision to eliminate all taxes on technology innovations. The move runs parallel to the establishment…
280 ViewsWe don’t tax houses while they’re under construction, and we shouldn’t impose taxes on cryptocurrency while it’s staked. Gains accrued by staking cryptocurrency should not be treated as a taxable event. It only makes sense to tax such gains upon their conversion to legal tender currency. To do otherwise undermines a marquee environmental policy from…
277 ViewsThe Biden administration wants to apply the wash sale rule to digital assets. U.S. President Joe Biden’s upcoming budget proposal has a few surprises for crypto traders and investors, including a proposed doubling of capital gains for certain investors and a crackdown on crypto wash sales. The Biden administration is set to release its fiscal…
340 ViewsReporting cryptocurrency when filing taxes can help investors offset their losses. 2022 was tough for the crypto market. A recent report published by security services platform Immunefi found that the crypto industry lost a total of $3.9 billion in 2022. Detrimental losses such as these are often concerning for crypto investors, yet there may be a silver…
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