Michael Saylor and MicroStrategy Are Being Sued for Tax Fraud

Michael Saylor – Executive Chairman of MicroStrategy – is being sued by the city of DC for tax fraud. Attorney General Karl Racine alleged that the billionaire hasn’t paid his income tax in the capital city for over a decade. Tax Fraud by Michael Saylor? As confirmed in a tweet from the AG on Wednesday, Saylor allegedly evaded DC’s tax laws by misrepresenting his place of residence.  It’s the first lawsuit brought under the city’s recently amended False Claims Act…

South Korea: Crypto Traders To Pay 20% Tax on Profits From 2022

According to media reports, South Korea will impose a crypto tax of 20% on profits from 2022. This development is part of the Korean government's plans to regulate cryptocurrency in its jurisdiction.  20% Tax on Profits above $2,260  Local news outlet Arirang revealed this development today, February 22, 2021. According to the report, the Ministry of Economy and Finance stated that income gained from trading bitcoin and other cryptocurrencies would be subjected to taxation from January 1, 2022.  Traders and…

Swiss Canton of Zug Now Accepts Bitcoin & Ether For Taxes

As cryptocurrencies continue to gain widespread adoption globally, the Swiss canton of Zug has officially rolled out the option that enables taxpayers, including citizens and local businesses, to pay taxes in bitcoin (BTC) or ether (ETH).  As announced yesterday, the initiative was born out of a partnership with local crypto broker Bitcoin Suisse, with the firm chosen to facilitate all crypto tax payments for the city.  Bitcoin Suisse will be in-charge of converting all crypto tax payments to Swiss francs…

The ATO To Pursue Crypto Traders Over Tax Dues

Reports emerging from Australia indicate that the Country's tax administrator, The Australian Tax Office (ATO) is preparing to seek out crypto traders concerning their tax obligations.  Tax Claim Goes Back Several Years A media report on Wednesday cites an ATO spokesman confirming that the agency will contact over 35,000 traders regarding their tax compliance spanning a few last years.  The Australian law regards cryptos as property subjecting them to capital gains tax. Thus trades are mandated to report all proceeds…