The week in state tax news
US taxpayers hold roughly $468 billion in cryptocurrency assets, but the states are collecting very little tax revenue from those billions. One tax compliance firm is offering some advice on solving the crypto collection problem. Meanwhile, controversial tax-sharing agreements benefiting tech giant Apple could be addressed in the California Legislature.
Addressing the Crypto Collection Problem
- US taxpayers have approximately $468 billion in cryptocurrency assets.
- States are not collecting significant tax revenue from these assets.
- A tax compliance firm is providing advice on resolving this issue.
Potential Changes in California Legislature
Controversial tax-sharing agreements that benefit Apple may be discussed in the California Legislature.
Missouri Department of Revenue Investigates Secret Accounts
The Missouri Department of Revenue has received a tip about 736,000 residents holding secret accounts in Bermuda.
These accounts are reported to contain cash, securities, and bonds worth $8.7 billion.
The department is considering sending auditors to investigate the matter.
