News & Analysis as of September 20, 2024

Virtual Currency › State Taxes

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Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender status, Virtual Currency is still traded and exchanged in some environments, typically online environments or communities. Bitcoin is the most well-known form of Virtual Currency. less -

States Turning Eyes to Taxation of Cryptocurrency and Non-Fungible Tokens (NFTs)

Cadwalader, Wickersham & Taft LLP on 7/21/2022

As the IRS ponders its approach to taxing cryptocurrency and NFTs, states are increasingly imposing taxes on some digital asset transactions, including the use of cryptocurrencies...more

State Regulations on Virtual Currency and Blockchain Technologies (Updated March 2021)

Carlton Fields on 4/19/2021

Introduction: There exists no uniformity with respect to how businesses that deal in virtual currencies (also known as "cryptocurrencies") such as Bitcoin are treated among the states. For these proprietors, often the first...more

Cryptocurrencies & State Tax: Transactions with Virtual Currency

McDermott Will & Emery on 4/19/2018

To date, limited guidance on the taxation of cryptocurrencies has been released by tax authorities. Usage of cryptocurrencies in transactions creates significant ramifications concerning the determination of federal and state...more

Bitcoin and the Like: Further Tax Developments to Monitor

BakerHostetler on 5/14/2015

Virtual currency developments continue to emerge, including state tax guidance, a court decision on deductibility of losses, and the Uniform Fiduciary Access to Digital Assets Act (the “Act”). State Tax Guidance - The New...more

MoFo New York Tax Insights - Volume 6, Issue 1 - January 2015

Morrison & Foerster LLP on 1/6/2015

In This Issue: - The Top 10 New York Tax Highlights of 2014 - Tribunal Affirms That a Charter Yacht Is Not Exempt from Use Tax as a Commercial Vessel - Court of Appeals Holds City Transfer Tax Does Not...more

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