Bitcoin income tax

1. In our country, it is forbidden to open Bitian mine< The central information office of the people's Bank of China, the Ministry of instry and information technology, the State Administration for Instry and commerce, the China Banking Regulatory Commission, the China Securities Regulatory Commission and the China Insurance Regulatory Commission
notice on preventing the risks of token issuance and financing In essence, the so-called "virtual currency" such as ether currency is a kind of unauthorized illegal public financing behavior, which is suspected of illegal selling token tickets, illegal issuing securities, illegal fund-raising, financial fraud, pyramid schemes and other illegal criminal activities. Relevant departments will closely monitor relevant developments, strengthen cooperation with judicial departments and local governments, strictly enforce the law in accordance with the current working mechanism, and resolutely deal with market chaos. If suspected crimes are found, they will be transferred to judicial organs

the token or "virtual currency" used in token issuance financing is not issued by the monetary authority, has no monetary attributes such as legal compensation and compulsion, does not have the same legal status as currency, and cannot and should not be used as currency in the market< (2) no organization or indivial is allowed to engage in the financing activities of token issuance illegally. Organizations and indivials that have completed the token issuance and financing should make arrangements such as refund, reasonably protect the rights and interests of investors, and properly handle risks. Relevant departments will seriously investigate and deal with the activities of token issuance and financing that refuse to stop and the illegal behaviors in completed token issuance and financing projects< 4. Financial institutions and non bank payment institutions shall not carry out business related to token issuance and financing transactions

financial institutions and non bank payment institutions shall not directly or indirectly provide procts or services such as account opening, registration, trading, clearing and settlement for token issuance and financing and "virtual currency", It is not allowed to underwrite insurance business related to token and "virtual currency" or include token and "virtual currency" into the scope of insurance liability. Financial institutions and non bank payment institutions shall report to the relevant departments in a timely manner if they find clues of violation of laws and regulations in token issuance financing transactions< 5. The public should be highly alert to the potential risks in the financing and trading of token issuance

there are multiple risks in the financing and trading of token issuance, including the risk of false assets, the risk of business failure, the risk of investment speculation and so on. Investors should bear the investment risk on their own, and hope that the majority of investors will be wary of being cheated

for all kinds of illegal financial activities carried out by using the name of "currency", the public should strengthen the awareness of risk prevention and identification ability, and timely report relevant illegal clues.

2. Watch it on the non trumpet

3.

According to the regulations of notice 2014-21 of the IRS:

1. The information range of virtual currency payment is consistent with that of other property payment

2. Virtual currency paid to service providers and independent contractors should be taxed, and the tax rules of freelance also apply to virtual currency. Taxpayers usually have to get form 1099-MISC

3. When using virtual currency to pay wages to employees, they must also pay taxes, and they also need to pay federal income tax and payroll tax

4. The third party accepting virtual currency settlement payment on behalf of the merchant must report the payment status in form1099-k, payment card and the third party network dealer

5. Based on the fact that the virtual currency in the hands of taxpayers is a kind of capital asset, the gains or losses in the transaction of virtual currency and the sales of virtual currency need to be taxed

extended information:

legal status of bitcoin in China

in China, the regulations on the administration of RMB prohibit the proction and sale of token tickets. Because there is no clear judicial interpretation of the definition of token ticket, if bitcoin is included in the "token ticket", the legal prospect of bitcoin in China will face uncertainty

the notice of the Ministry of culture and the Ministry of Commerce on strengthening the management of virtual currency of online games (Wen Shi Fa [2009] No. 20) on June 4, 2009 stated that the application scope of virtual currency of online games was defined for the first time, and the distinction between the current virtual currency of online games and the virtual props in the game was made; At the same time, the notice said that the "notice" stipulates that enterprises engaged in related services must be approved before they can operate< br />

4. A wise man once said that once a man is born, he cannot escape taxes and death. However, when the concept of bitcoin was proposed, there was a glimmer of hope that most of us thought we might be able to evade taxes. Unfortunately, this was a flash in the pan, as the IRS decided to tax virtual currency holdings. Now, bitcoin is regarded as an official asset by various government agencies in the United States, so it has to pay taxes
How do we know what should and should not be taxed? Now, we have some experts who can help us understand, but if you are involved in cryptocurrency and live in the United States, it will be easier. Laura shin is such a kind and helpful person. She explains how to deal with digital currency and the IRS when it comes to taxation. Her article in Forbes clearly explains the different sources of bitcoin and digital currency. First, all digital monetary assets are regarded as capital assets like stocks and bonds. The IRS calls cryptocurrency an asset in its guidance 14-21
there is only one way to own digital currency or spend it, and that is to start mining. If you succeed in mining some bitcoin, any block reward you may get depends on the amount of bitcoin you get and the market value at that time. It's very important to have the right record, because the value of bitcoin is bound to fluctuate, and you never know how much bitcoin is worth when you pay taxes. The calculation of tax depends on whether it is a long-term or short-term capital gain
do you get a return in bitcoin? The good news is that if you try to save some, and the price of bitcoin goes up, your salary could double. The bad news is that you'll pay income tax on wages and VAT on assets that hold the subsequent gains in bitcoin. However, it is best to record the actual value of legal tender when payment for services is received
if your salary is paid in the form of bitcoin, you may want to spend some in the form of bitcoin itself (for others who own bitcoin by any means). The expenditure of any bitcoin is equivalent to the sale of assets, and the gain or loss will occupy the holding period. So in order to find out the holding period, people have to know which bitcoin they are selling and when they receive a special bitcoin, which is almost impossible unless you use a new wallet for every transaction. A better way is to have a set of predefined rules for all bitcoin revenues and expenditures. Laura suggests the implementation of LIFO or FIFO accounting methods
if you give or accept bitcoin as a tip or gift, it is best to publish or ask for information about the cost base and date of digital currency. If this could be done, it would be easier to calculate capital gains. Otherwise, in the absence of information, people can always explain it in terms of income and get out of trouble. If you are donating to a registered charity, the digital currency unit income from the donation can be written off from the account, which is not taxed. Laura suggests using digital currency donations to rece taxes
when trading bitcoin, it is wise to keep a record of the fair market value on the date of the transaction. If a trading platform or transaction issues a 1099-b report, this will help record the profit and loss. These suggestions will come in handy for those who are already working on bitcoin and want to know how to track the gains and losses of their digital currency.

5.

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4, win10 ecation version

is mainly based on the enterprise version, which has advanced functions. It will be provided to customers through the volume licensing program for ecational institutions

6. I don't know, but this company hasn't heard of it. I suggest you go to the field to have a look. After all, many of the current development companies are also famous for blockchain, but their own technical strength can't keep up. In order to prevent being cheated, I suggest you go to the field and compare several companies

8. First, make data storage more secure and convenient
without centralized data management, the security of data is higher, and it is difficult to be spied or copied. The distributed data storage in the whole network reces the loss and damage of data caused by contention, natural disasters, human and other reasons, and is concive to the permanent preservation of valuable data

secondly, it perfectly supports the application of blockchain
the essence of blockchain is distributed and decentralized. One of the bottlenecks in the development of blockchain is the distributed storage capacity. Especially for most basic public chains, how to store a large amount of data on their main chain is an urgent problem to be solved. The future distributed application (DAPP) wants to become a super application widely used by the public, it must also solve the storage problem. Therefore, the distributed storage of IPFs is likely to become the infrastructure of the future blockchain instry, which brings us huge imagination< br />

storage mining
based on the value of the underlying distributed transmission protocol of IPFs Internet, IPFs exchange creates the data flow storage mining function of IPFs trading system

data traffic storage mining is the behavior mining generated by the total amount of data users in the trading system and the total amount of data flow in and out of the trading system by reusing the space storage of idle network Zi sources, which is called data traffic storage mining< br />

IPFs international digital property valuation trading system is the only trading system developed with IPFs underlying technology. Independent data storage, 1.4 million efficient matchmaking transactions per second. Intelligent processing multi level Tai executive terminal, with Yin line level risk control system

IPFs trading system data flow storage mining "mine" is based on the ecological value of the issue of FPS, PPS, PSS and SSS four stages of money, and with mining machine mining and Tui wide, realize the user's value Hui report< br />

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9.

According to the news on the morning of December 22, according to the latest tax reform plan of the Republican Party of the United States, investors in bitcoin and other virtual currencies will lose an attractive tax preference

under the current tax law of the United States, such transactions are protected by a clause that allows investors to postpone the payment of capital income tax in so-called "similar transactions"“ "Similar transactions" traditionally refer to real estate, art, horse racing and aircraft transactions. If the asset owner replaces his assets with other assets of the same type, tax payment can be postponed, usually for 180 days