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
The U.S. Internal Revenue Service (IRS) quietly added two new questions and answers regarding virtual currency donations to its answers to Frequently Asked Questions on Virtual Currency Transactions (FAQs) on December 26,...more
In October of 2019, the U.S. Internal Revenue Service issued the first new guidance on the taxation of cryptocurrency transactions in over five years (the “Guidance”). The Guidance comprising a revenue ruling (Rev. Rul....more
12/12/2019
/ Blockchain ,
Cryptocurrency ,
Distributed Ledger Technology (DLT) ,
FBAR ,
Foreign Financial Accounts ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
New Guidance ,
Revenue Rulings ,
Tax Cuts and Jobs Act ,
Virtual Currency
The first official guidance on the taxation of cryptocurrency transactions in more than five years has been issued.
The guidance includes both a Revenue Ruling (Rev. Rul. 2019-24, 2019-44 I.R.B. 1) and answers to...more
10/18/2019
/ Blockchain ,
Capital Gains ,
Cryptocurrency ,
Distributed Ledger Technology (DLT) ,
Ether ,
Ethereum ,
Fair Market Value ,
Income Taxes ,
IRS ,
New Guidance ,
Peer-to-Peer ,
Revenue Rulings ,
Transfer Taxes ,
Virtual Currency