This blog post summarizes recent federal bills that have been introduced (but not yet passed), proposals by the Biden Administration, and guidance issued by the Internal Revenue Service with respect to the taxation of digital...more
5/2/2023
/ Biden Administration ,
Brokers ,
Cryptocurrency ,
Decentralized Autonomous Organization (DAO) ,
Digital Assets ,
Excise Tax ,
FATCA ,
Green Book ,
Infrastructure Investment and Jobs Act (IIJA) ,
IRS ,
New Guidance ,
Non-Fungible Tokens (NFTs) ,
Proposed Legislation ,
Reporting Requirements ,
Stablecoins ,
Virtual Currency
IRS Commissioner Charles Rettig, testifying before Congress in April 2021, estimated the gap between taxes owed and taxes collected in the United States to be close to $1 trillion....more
3/4/2022
/ Bitcoin ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Financial Transactions ,
Income Taxes ,
IRS ,
Proposed Legislation ,
Regulatory Agenda ,
Reporting Requirements ,
Tax Liability ,
Tax Reform ,
Virtual Currency
In this first of (we hope) many posts on the interesting and myriad tax issues arising in the world of cryptocurrency and blockchain technology, we focus on the very basic U.S. federal income tax consequences of...more
12/7/2017
/ 1099s ,
Bitcoin ,
Cryptocurrency ,
Digital Assets ,
FATCA ,
FBAR ,
FICA Taxes ,
FinCEN ,
Foreign Currency ,
Income Taxes ,
Initial Coin Offering (ICOs) ,
IRS ,
Popular ,
Reporting Requirements ,
Section 1031 Exchange ,
Virtual Currency ,
W-2