Here at Camuso CPA, we offer a wide array of tax services for investors including tax preparation and tax planning. Financial service companies are transitioning from employee driven revenue models to information driven revenue models. Camuso CPA strives to deliver useful insights and offer relevant explanations about the latest tax and financial topics.
Much like the USA, Israel taxes cryptocurrency as property which exposes it to capital gains liabilities. The tax-collection agency of Israel is actively targeting cryptocurrency traders and investors in in order to reduce tax evasion.
Some of the measures taken include sending notice letters to individuals suspected of not reporting their earnings from cryptocurrency trading. It was cited that some of the tell-tale signs of tax evasion by cryptocurrency traders include frequent travels abroad without documentation or material evidence of how the trip’s expenses will be met. Additionally, those who own multiple real estate properties are also being targeted.
The Australian Tax Office has also recently warned Australians to declare their annual returns from virtual currencies. The main intention is to tighten regulations and improve the tax collection from virtual currency-related activities. This is something similar to what other regulatory agencies are doing around the world.
Earlier this year, America, the U.K., Canada, Australia, and the Netherlands formed an International Task Force called the Joint Chiefs of Global Tax Enforcement with the goal of sharing intelligence to track down tax evaders.
The task force, also referred to as “J5”, comprises the Australian Criminal Intelligence Commission (ACIC) and Australian Taxation Office (ATO), the Canada Revenue Agency (CRA), the Fiscale Inlichtingen- en Opsporingsdienst (FIOD), HM Revenue & Customs (HMRC), and Internal Revenue Service Criminal Investigation (IRS-CI).
If you searching for CPA firms to assist you with reporting cryptocurrency income and capital gains, contact Camuso CPA. Whether you need tax preparation services, assistance with properly reporting gains and income from virtual currencies on your taxes, cryptocurrency portfolio analysis, or any other service provided by a certified accountant, Camuso CPA can help.