Tax-loss harvesting with cryptocurrencies

Cong, Lin William; Landsman, W. B.; Maydew, Edward L.; Rabetti, Daniel

doi:10.1016/j.jacceco.2023.101607

Cited by 14 publications

(7 citation statements)

References 46 publications

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“…This proposal is also echoed by Caliskan (2022). Cong et al (2023) indicate that increased tax scrutiny leads crypto investors to use conventional tax planning with tax loss harvesting as an alternative to non-compliance. Now, one may wonder whether respondents have really been entirely truthful in answering the questionnaire.…”

Section: Discussion Of Resultsmentioning

confidence: 99%

Cryptocurrencies, Tax Ignorance and Tax Noncompliance in Direct Taxation: Spanish Empirical Evidence

Hernández Sánchez,

Sastre-Hernández,

Jorge-Vazquez

et al. 2024

Economies

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This article highlights the complexity of taxation surrounding cryptocurrency transactions due to the lack of uniform regulation, creating uncertainty for both taxpayers and tax authorities. After determining the tax obligations of individuals in taxation, a survey has been conducted to assess the level of knowledge and compliance with tax obligations related to cryptocurrencies. The survey, in which 103 people participated, reveals the confusion and errors that prevail in perceptions of the tax obligations for cryptocurrencies, particularly in transactions such as swapping and staking in personal income tax. This results in almost half of the respondents (49.5%) not declaring any of their operations with cryptocurrencies. The reasons for this include the fact that the majority of respondents (66%) find the regulation of cryptocurrencies in Spain confusing and difficult to understand. Additionally, 87.4% believe that tax agencies should provide more information and resources on the taxation of cryptocurrencies and digital assets, and that there should be clearer and more comprehensive regulation. However, it should be noted that 41.7% also consider that tax regulation discourages investment in cryptocurrencies.

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Section: Discussion Of Resultsmentioning

confidence: 99%

Cryptocurrencies, Tax Ignorance and Tax Noncompliance in Direct Taxation: Spanish Empirical Evidence

Hernández Sánchez,

Sastre-Hernández,

Jorge-Vazquez

et al. 2024

Economies

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“…The emergence of cryptocurrencies has introduced a novel asset class with unique accounting and taxation considerations (Bozdo gano glu 2022; Cassidy et al 2020;Cong et al 2023;Obu and Ukpere 2022). Governments are still grappling with establishing clear rules for taxing cryptocurrency transactions, creating uncertainty for both governments and taxpayers (Pimentel and Boulianne 2020;Vumazonke and Parsons 2023).…”

Section: Insights Into Taxation Of Cryptocurrenciesmentioning

confidence: 99%

“…In the situation of holding cryptocurrencies, different authors choose to consider that cryptocurrencies should be taxed similarly to properties or commodities (Alsalmi et al 2023;Jayasuriya and Sims 2023;Smith et al 2019;Terando et al 2017;Cong et al 2023). Offering a simple tax framework could potentially encourage taxpayers to comply with regulations.…”

Section: Insights Into Taxation Of Cryptocurrenciesmentioning

confidence: 99%

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Cryptocurrencies’ Impact on Accounting: Bibliometric Review

Lazea,

Bunget,

Lungu

2024

Risks

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This bibliometric study explores the cryptocurrency accounting (CA) literature and the connections between authors, institutions, and countries where cryptocurrency activity involves transactions that must be legally recognized in accounting, ensure accuracy and reliability for auditing, and adhere to tax compliance. The design involves the selection of data from Web of Science Core Collection (WoS) and Scopus, published between 2007 and 2023. The technique helps identify influential publications, collaboration networks, thematic clusters, and trends in research on CA using tools VOSviewer, Biblioshiny, and MS Excel. The originality of the study lies in its dual role as a support for accounting professionals and academics to develop innovative solutions for the challenges posed by crypto technology across core accounting areas: financial and managerial accounting, taxation, and auditing. The findings offer insights into the themes mentioned, and even if the collaboration between the authors is not very developed, the innovation and public recognition of the subject could raise researchers’ interest. The limitation of the dataset is that it does not cover all relevant publications in a different period from the one in which the data were retrieved, 9–11 May 2024. This review might need periodic updates because the CA landscape is constantly changing.

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“…However, previous studies have indicated that the implementation of tax amnesty could be perceived as a feeble indication by non-compliant taxpayers regarding the vigilance of tax authorities, especially if such implementation becomes repetitive (Wilde & Wilson, 2018;Li et al, 2021;Cong et al, 2023;Christensen et al, 2022). This situation could lead to a shift in taxpayers' perspectives, making them less apprehensive about detection (Shevlin et al, 2017).…”

Section: Introductionmentioning

confidence: 98%

The Prime Enforcement of Tax Amnesty Regulation in Indonesia: Evidence from Tax Aggressive Firms

Permatasari,

Ngelo,

Harymawan

et al. 2023

JRAK

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Purpose: This study examines the response of tax aggressive companies to the prime enforcement of the tax amnesty in Indonesia. Specifically, this study examines their tax aggressive behavior in the period and post-period of tax amnesty. Methodology/approach: The author(s) use all Indonesian companies in 2010-2018 listed in the IDX and analyze using logit and OLS regression analysis techniques. Findings: The results suggest that companies that had been tax aggressive in the pre-period of a tax amnesty program are more likely to participate in Indonesia's prime tax amnesty program. Furthermore, we discover that those tax aggressive companies had become less aggressive in the period and post-period of tax amnesty. These findings are robust to several proxies of tax aggressiveness and Coarsened Exact Matching (CEM) method to handle potential endogeneity problems. We employ Indonesia's unique setting, one of a few developing countries that implement the tax amnesty successfully for the first time. Practical implications: These findings are expected to provide evidence of the effectiveness of the tax amnesty implementation in Indonesia. The results could give insight for policymakers to thoroughly consider the costs and benefits of tax amnesty, and if there is a repeated implementation. Originality/value: This study did not include any further test of the corporate governance mechanism involved in the relationship between tax aggressive companies and tax amnesty participation. Therefore, future studies could consider the limitations and address the issue.

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Tax-loss harvesting with cryptocurrencies

Cited by 14 publications

References 46 publications

Cryptocurrencies, Tax Ignorance and Tax Noncompliance in Direct Taxation: Spanish Empirical Evidence

Cryptocurrencies, Tax Ignorance and Tax Noncompliance in Direct Taxation: Spanish Empirical Evidence

Cryptocurrencies’ Impact on Accounting: Bibliometric Review

The Prime Enforcement of Tax Amnesty Regulation in Indonesia: Evidence from Tax Aggressive Firms

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