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Holland & Knight's Inaugural Israel Practice Newsletter - July 2017

by Holland & Knight LLP on

...We invite you to read our inaugural Israel Practice newsletter, in which our authors discuss pertinent American-Israeli topics. As Israel has been a crossroads and a prolific source of new ideas for more than 3,000 years,...more

Nevada Passes Pro-blockchain Law

Nevada has passed a pro-blockchain law that recognizes blockchain technology as a type of electronic record for the purposes of the Uniform Electronic Transactions Act and prohibits taxation and regulations regarding the use...more

New Nevada Law Recognizes Enforceability of Blockchain Transactions; Blocks Local Government Regulation and Taxation

Senate Bill 398, unanimously passed by the Nevada legislature and signed into law by the Governor on June 5th, represents the most far-reaching state legislation to date concerning the use of blockchain technology. Blockchain...more

Blockchain Week in Review – May 2017 #4

by Perkins Coie on

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

Circular on Pilot Tax Policies for Venture Capital Firms and Individual Angel Investors

In order to promote the sustainable and healthy development of venture capital investment, the Ministry of Finance and the State Administration of Taxation have jointly promulgated the Circular on Pilot Tax Policies for...more

Challenge and Counter-Proposal

by Moskowitz LLP on

In Part I, we outlined the scope of the November 2016 summons served on Coinbase to identify its users and their transaction activity and the IRS’ justification for requesting this data under 26 U.S. Code § 7602. Section 7602...more

The Summons

by Moskowitz LLP on

Coinbase is a San Francisco-based cryptocurrency exchange company that operates bitcoin and other digital asset transactions and storage for over one million users in 190 countries....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Mega luxury brand news yesterday, as LVMH announced a series of moves that, combined with $13.1 billion, helped it take over the 70-year-old French fashion house Christian Dior....more

Blockchain and the Law - Overview of token sales and bitcoin property rights

by Perkins Coie on

On March 29, 2017, Perkins Coie partner Dax Hansen and associate Josh Boehm were invited to the Cyber Initiative at Stanford Law School to deliver a presentation on several cutting-edge legal issues relating to blockchain...more

FAFSA Data Retrieval Tool Remains Down Over Security Concerns

Last week, the Internal Revenue Service (IRS) and Federal Student Aid (FSA) announced that the Data Retrieval Tool (DRT) on fafsa.gov and StudentLoans.gov will be unavailable until extra security protections could be added....more

IRS Files Petition to Enforce Summons Issued to Virtual Currency Company

The Internal Revenue Service (IRS) obtained authorization from a California federal court last November to serve a John Doe summons on the virtual currency firm Coinbase in order to obtain customer information to determine...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

There’s been a bit of a stir in the paint world, with Dutch firm Akzo Nobel rejecting a takeover bid from PPG Industries valued at $22 billion. In a statement, Akzo claimed that the offer “substantially undervalues” the...more

HB 2946 – The New and Improved Illinois Angel Investment Tax Credit Program

by Freeborn & Peters LLP on

For those who don’t know, Illinois has had an “Angel Investment” program since 2012 where investors who invested in qualifying companies would receive a 25% tax credit against their Illinois income taxes. Sounds great in...more

The Blockchain revolution: An analysis of regulation and technology related to Distributed Ledger Technologies

by DLA Piper on

Blockchain is on the verge of revolutionizing how we interact in the digital world. It has far reaching applications from the Financial industry to many other sectors of the economy. The question is what is Blockchain, what...more

2016 Year End Review: Virtual Currency: DOJ and IRS Broadly Seek Virtual Currency Account User Information

by Ballard Spahr LLP on

Under Internal Revenue Code section 7609(f), the IRS may issue a “John Doe” administrative summons to discover the identities of unknown taxpayers. A “John Doe” summons can be a powerful enforcement tool because it allows the...more

Bitcoin and the IRS - The Battle Continues

Dispute is heating up over IRS’s attempts to get personal information about users of Bitcoin and other virtual currencies. Last November, the Internal Revenue Service (“IRS”) filed a petition in the United States...more

U.S. Department of Justice Obtains Court Order Authorizing IRS to Investigate Bitcoin Users

by Ropes & Gray LLP on

Using the same procedure it used to crack the secrecy of Swiss Banks, on November 30, 2016, the U.S. Department of Justice obtained a court order allowing the IRS to issue a “John Doe” summons to Coinbase Inc., the largest...more

IRS on the Hunt for Bitcoin Users

by Charles (Chuck) Rubin on

Bitcoin is the most popular of the virtual currencies. In Notice 2014-21, the IRS advised that such currencies are not money, but property, for tax purposes. Two implications of this are that persons who use Bitcoins to...more

Digital Currency Exchange Customers Targeted in IRS Information-Gathering Sweep

by BakerHostetler on

Coinbase, one of the largest digital currency exchange companies in the world, will likely be asked to provide the Internal Revenue Service (IRS) with transactional data and other information on all U.S. customers who used...more

Your daily dose of financial news - The Brief – 9.12.16

by Robins Kaplan LLP on

The past 2 years have been just short of disastrous for most hedge funds. But even without much to show in the form of results, the world’s biggest fund manager—Bridgewater Associates—has attracted $22.5 billion in investor...more

Pennsylvania Tax Developments - A Reed Smith Quarterly Update

by Reed Smith on

Is Pennsylvania bringing back its tax on “computer-related services”? Pennsylvania’s new “Netflix” tax (enacted as part of Act 84 of 2016) covers more than just digital downloads and streaming services. Effective August 1,...more

Derivatives in Review - July 2016

An Overview of Proposed Regulation AT - Orrick attorneys authored an overview of Regulation Automated Trading (known as "Regulation AT") proposed by the Commodity Futures Trading Commission ("CFTC") in the May/June 2016...more

9th Circuit: Online Poker Accounts Not Reportable on FBAR

by Blank Rome LLP on

On July 21, 2016, the Ninth Circuit in United States v. Hom, No. 14-16214 D.C. No. 3:13-cv-03721-WHA (9th Cir. 2016), determined that a taxpayer who held an online poker account with PokerStars and PartyPoker was not required...more

IRS Issues New Requirements for IVES Participants

by Foley & Lardner LLP on

On June 23rd, the IRS dropped a bombshell on the lending industry. As of Midnight on July 1, 2016, many lenders will no longer be able to verify directly borrower income except through snail mail. If the IRS sticks to its...more

Agreement Toward Eliminating Tariffs of High-Tech Products to Take Effect July 2016

by Foley & Lardner LLP on

The European Parliament became the most recent body to ratify an expansion of the expanded World Trade Organization (WTO) Information Technology Agreement (ITA). The deal had previously been committed to and signed by the EU,...more

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