PANews reported on October 1st that according to Crypto In America, the U.S. Treasury Department is preparing to formally relax a proposed rule that would have imposed a 15% tax on unrealized Bitcoin gains held by companies such as MicroStrategy under the Corporate Alternative Minimum Tax (CAMT) Act. The CAMT Act requires large corporations to pay a minimum tax on their reported income. Under current accounting rules, companies are required to mark their cryptocurrency holdings to market value, meaning their paper profits (unrealized gains) will be taxed even if they don't sell them. Previously, companies such as MicroStrategy and Coinbase wrote to the Treasury Department, arguing that taxing unrealized gains on digital assets is unfair and would force U.S. companies to sell assets to pay taxes, putting them at a disadvantage in global competition.PANews reported on October 1st that according to Crypto In America, the U.S. Treasury Department is preparing to formally relax a proposed rule that would have imposed a 15% tax on unrealized Bitcoin gains held by companies such as MicroStrategy under the Corporate Alternative Minimum Tax (CAMT) Act. The CAMT Act requires large corporations to pay a minimum tax on their reported income. Under current accounting rules, companies are required to mark their cryptocurrency holdings to market value, meaning their paper profits (unrealized gains) will be taxed even if they don't sell them. Previously, companies such as MicroStrategy and Coinbase wrote to the Treasury Department, arguing that taxing unrealized gains on digital assets is unfair and would force U.S. companies to sell assets to pay taxes, putting them at a disadvantage in global competition.
The US Treasury Department plans to relax corporate crypto tax rules, and MicroStrategy and others may be exempt from paying billions of unrealized gains taxes.
PANews reported on October 1st that according to Crypto In America, the U.S. Treasury Department is preparing to formally relax a proposed rule that would have imposed a 15% tax on unrealized Bitcoin gains held by companies such as MicroStrategy under the Corporate Alternative Minimum Tax (CAMT) Act.
The CAMT Act requires large corporations to pay a minimum tax on their reported income. Under current accounting rules, companies are required to mark their cryptocurrency holdings to market value, meaning their paper profits (unrealized gains) will be taxed even if they don't sell them.
Previously, companies such as MicroStrategy and Coinbase wrote to the Treasury Department, arguing that taxing unrealized gains on digital assets is unfair and would force U.S. companies to sell assets to pay taxes, putting them at a disadvantage in global competition.
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