Tag Archives: Cryptocurrency
Senators Call for PCAOB to Tighten Regulation on Crypto Audits
SHARE: Earlier this year, Sen. Elizabeth Warren, D-Massachusetts, and Senate Finance Committee Chairman Ron Wyden, D-Oregon, asked the Public Company Accounting Oversight Board (PCAOB) to ramp up regulations on the audits of cryptocurrency companies after high-profile companies like FTX recently went bankrupt. In a letter to PCAOB Chair Erica Williams, they highlighted the insufficient ‘proof…
Slow Start on Crypto Tax
SHARE: So far, Ohio has not seen many corporations pay their state taxes in digital currency (see sbr 12/18), but the state has not eliminated that option yet, NASBA Director-at-Large W. Michael Fritz (OH) reported to the Regional Meetings. Mr. Fritz pointed out that cryptocurrency legislation is being filed in an increasing number of states.…
Few Bitcoin Tax Returns
SHARE: As of mid-February the state of Ohio had received state tax payments made in bitcoin from two companies. However, since the cryptocurrency payment platform only became operational in December, how successful this program will be is still undetermined. Three other states, Arizona, Georgia and Illinois, had bills introduced last year to allow for cryptocurrency…
Ohio Accepts Digital Currency for Taxes
SHARE: Businesses operating in Ohio are now able to pay their state business taxes with cryptocurrency via OhioCrypto.com. Ohio launched its crypto tax payment portal on November 26, making it the first state in the nation to do so. There are 23 different types of Ohio taxes that are eligible for payment via OhioCrypto.com. This…
G20 Receives Report on Crypto Assets
SHARE: On July 20 the G20 Ministers of Finance and Central Bank Governors received a framework for monitoring the financial stability implications of crypto-assets markets, as developed by the Financial Stability Board (FSB), in collaboration with the Committee on Payments and Market Infrastructures (CPMI). The purpose of the framework is to identify any emerging financial…
Expecting Cryptocurrency Issues
SHARE: While most people think of government-issued money, there are now over 1,000 privately-issued currencies in the United States, Carol R. Van Cleef, a partner in the D.C. firm of LeClair Ryan, reported to the Regional Meetings. Although few of the meetings’ attendees indicated they currently own such currencies, she assured them that the millennial…