The post Good News from the US Treasury Department for Michael Saylor and Other Major Bitcoin Bulls appeared on BitcoinEthereumNews.com. The US Treasury Department is preparing to ease controversial regulations regarding taxes companies must pay on cryptocurrency profits. According to reports, a proposal to require companies to pay billions of dollars in taxes on unrealized Bitcoin gains under the Biden-era Corporate Alternative Minimum Tax (CAMT) will be withdrawn as of October 1. The CAMT requires large companies to pay a tax of at least 15% on their reported income. Currently, the US Financial Accounting Standards Board (FASB) requires companies to “account at market value” for crypto assets. This means that when the price of Bitcoin rises, companies are forced to record their paper gains as income. This poses a huge tax burden for Michael Saylor’s company, Strategy, which holds approximately $73 billion in Bitcoin reserves. However, unrealized gains on traditional assets like stocks are exempt from taxation. Strategy and Coinbase, opposing this differential treatment, sent a joint letter to the Treasury Department last May requesting that cryptocurrency profits be exempted. The companies argued that taxing paper profits would force companies to sell Bitcoin just to pay taxes, making it difficult for American companies to compete globally and potentially creating constitutional issues due to the “tax on non-existent income.” *This is not investment advice. Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data! Source: https://en.bitcoinsistemi.com/good-news-from-the-us-treasury-department-for-michael-saylor-and-other-major-bitcoin-bulls/The post Good News from the US Treasury Department for Michael Saylor and Other Major Bitcoin Bulls appeared on BitcoinEthereumNews.com. The US Treasury Department is preparing to ease controversial regulations regarding taxes companies must pay on cryptocurrency profits. According to reports, a proposal to require companies to pay billions of dollars in taxes on unrealized Bitcoin gains under the Biden-era Corporate Alternative Minimum Tax (CAMT) will be withdrawn as of October 1. The CAMT requires large companies to pay a tax of at least 15% on their reported income. Currently, the US Financial Accounting Standards Board (FASB) requires companies to “account at market value” for crypto assets. This means that when the price of Bitcoin rises, companies are forced to record their paper gains as income. This poses a huge tax burden for Michael Saylor’s company, Strategy, which holds approximately $73 billion in Bitcoin reserves. However, unrealized gains on traditional assets like stocks are exempt from taxation. Strategy and Coinbase, opposing this differential treatment, sent a joint letter to the Treasury Department last May requesting that cryptocurrency profits be exempted. The companies argued that taxing paper profits would force companies to sell Bitcoin just to pay taxes, making it difficult for American companies to compete globally and potentially creating constitutional issues due to the “tax on non-existent income.” *This is not investment advice. Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data! Source: https://en.bitcoinsistemi.com/good-news-from-the-us-treasury-department-for-michael-saylor-and-other-major-bitcoin-bulls/