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House Says No to Crypto Reporting Regs

On March 11, 2025, the United States House of Representatives passed a joint resolution to overturn a rule that the IRS had promulgated regarding “Gross Proceeds Reporting by Brokers That Regularly Provide Services...more

Treasury Issues Final Digital Asset Sourcing Regs and Proposed Cloud Transaction Sourcing Regs

On January 14, 2025, the Treasury Department and IRS issued final and proposed regulations on sourcing income from digital content and cloud transactions. Why is Source Important? While U.S. persons generally are...more

IRS Provides Temporary Relief on “Adequate Identification” Rules for Sales of Digital Assets

On December 31, 2024, the IRS issued Notice 2025-7, which provides alternative methods for adequately identifying digital assets held by a broker when digital assets are sold or exchanged for purposes of determining the basis...more

Treasury and IRS Issue Final Digital Asset Reporting Regulations

The Treasury Department (“Treasury”) and Internal Revenue Service (“IRS”) recently published final regulations requiring brokers to file information returns and issue payee statements containing information regarding...more

TITGA Reports on Status of IRS Digital Asset Monitoring and Compliance

The Treasury Inspector General for Tax Administration (“TITGA”) recently has released a report on the status of efforts by the Internal Revenue Service (“IRS”) to develop the digital asset monitoring and compliance strategy...more

Highlights from the Lummis- Gillibrand Responsible Financial Innovation Act (Introduced)

On June 7, 2022, a bill was introduced in the U.S. Senate that would provide greater clarity regarding the taxation and regulation of digital assets. Here are some of highlights....more

OECD Proposes Rules for Intermediary Crypto-Asset Reporting, Due Diligence

On March 22, 2022, the Organization for Economic Cooperation and Development (“OECD”) issued proposed rules for the collection and exchange of information on transactions involving crypto-assets. The OECD intends for these...more

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