In light of the approaching April 15 tax filing deadline, this week’s update highlights recent developments in U.S. federal tax policy that may impact crypto firms and crypto holders....more
Please note this an update to a Client Alert that was issued on January 4, 2024. If you receive more than $10,000 in digital assets in one transaction (or a series of related transactions), the Infrastructure Investment and...more
Starting January 1, 2024, if you receive more than $10,000 in digital assets in one transaction (or a series of related transactions), you must now report those transactions to the Internal Revenue Service (“IRS”) and the...more
The Internal Revenue Service and Treasury Department have issued long-awaited Proposed Regulations for parties that will be required to report transactions involving digital assets. These newly identified parties will need to...more
9/15/2023
/ Bitcoin Mining ,
Brokers ,
Comment Period ,
Decentralized Autonomous Organization (DAO) ,
Digital Assets ,
Digital Wallets ,
FIFO ,
Internal Revenue Code (IRC) ,
IRS ,
Non-Fungible Tokens (NFTs) ,
Payment Processors ,
Proposed Regulation ,
Regulatory Requirements ,
Reporting Requirements ,
Retailers ,
Software ,
Trading Platforms ,
Transaction Fees ,
U.S. Treasury
The U.S. Supreme Court rules that the IRS does not need to provide notice to innocent bank account holders when the summonses are issued in aid of collection of a delinquent taxpayer’s tax assessment.
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