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Read need-to-know updates, commentary, and analysis on Tax issues written by leading professionals.

Window on Washington - Vol. 2, Issue 2

by Clark Hill PLC on

Shutdown Watch: 4 Days. The government will run out of money on Friday if it does not pass another short-term spending bill. Last week it looked like Congress was close to negotiating a short-term continuing resolution that...more

Bitcoins and the IRS: Reporting and Storing

by Foodman CPAs & Advisors on

Possession of virtual currency, also known as cryptocurrency, is legal in the U.S. as well as many other parts of the world. The most well-known form of virtual currency is Bitcoin. There are other virtual currencies that...more

Many are now looking for IRS Guidance on Virtual Currency

by Foodman CPAs & Advisors on

Due to its unprecedented level of value appreciation, Bitcoin investors, consumers and businesses are looking for IRS Guidance. IRS recognizes that “virtual currency” may be used to pay for goods or services, or be held for...more

The Year of Bitcoin: Gains Subject to Tax by the IRS

by Bowditch & Dewey on

The year 2017 could be described as the year of the Bitcoin and other “virtual currencies,” with Bitcoin having appreciated 1800% since the beginning of the year and Ethereum, at one point, having appreciated 8,000% since the...more

Cryptocurrency Exchanges - the New Front of the IRS War on Tax Evasion?

by Morrison & Foerster LLP on

On November 29, 2017, the U.S. District Court for the Northern District of California dealt a partial blow to the U.S. Department of Justice and the IRS in connection with their collective efforts to enforce an expansive and...more

U.S. v. Coinbase: Virtual Currency Holders Not Outside the IRS’s Reach

by Dechert LLP on

The U.S. District Court for the Northern District of California, on November 28, 2017, ordered the international digital currency broker, Coinbase, Inc., to produce to the Internal Revenue Service (IRS) the records of...more

Income, from Whatever Exchange, Mine, or Fork Derived: The Basics of U.S. Cryptocurrency Taxation

by Proskauer - Tax Talks on

In this first of (we hope) many posts on the interesting and myriad tax issues arising in the world of cryptocurrency and blockchain technology, we focus on the very basic U.S. federal income tax consequences of...more

Court Enforces — Partially — IRS “John Doe” Summons Served on Virtual Currency Exchanger

by Ballard Spahr LLP on

Last week, a federal magistrate judge in the Northern District of California granted in part and denied in part a motion by the IRS to enforce a “John Doe” summons served on Coinbase, Inc., which operates a virtual currency...more

U.S. Court Orders Coinbase to Share Information about Account Holders with the IRS but Limits to Transactions over $20,000

A U.S. federal district court judge on Tuesday, November 29 ordered Coinbase Inc., the largest cryptocurrency exchange and storage platform in the world, to provide information about certain of its account holders to the U.S....more

Coinbase to turn over information to IRS. What does it mean for the bitcoin day trader?

by Sanford Millar on

On December 6, 2016 the Department of Justice (DOJ) served a “John Doe” summons to Coinbase, a San Francisco based exchange of cryptocurrency, to produce records of accounts held by U.S. taxpayers for the period of 2013...more

IRS On The Hunt for Bitcoin Gains

by Charles (Chuck) Rubin on

While bitcoin seems like money, for federal income tax purposes, it is not. Like any asset, when it is sold or used to purchase goods or services, gain results if the value of the bitcoin is greater than the taxpayer’s basis...more

What would happen to the value of cryptocurrencies if Exchanges had to Issue a Form 1099 on an annual basis?

by Sanford Millar on

The IRS issued a John DOE Summons for records of U.S. account holders of Coinbase, Inc. (“Coinbase”) a cryptocurrency exchange based in San Francisco, California. Coinbase objected to production of the records and a Summons...more

Renewable Energy Update - November 2017

by Allen Matkins on

Focus - Wells Fargo global operations now powered by 100 percent renewable energy - PennEnergy - Nov 8 Wells Fargo & Company has announced that 100 percent of its global electricity consumption for 2017 will be met with...more

The Case Against Do-It-Yourself Tax Returns: You Don't Know What You Don't Know

In an effort to comply with the increasing complexity of the Internal Revenue Code (the “Code”) and the regulations promulgated thereunder, many taxpayers are looking to tax preparation software for assistance in preparing...more

Brussels Regulatory Brief: October

by K&L Gates LLP on

On 6 September 2017, the Court of Justice, the European Union (“EU”)’s highest court, issued its much awaited decision in a case of abuse of dominance by a US microchip manufacturer using exclusivity or loyalty rebates, i.e....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Most insiders are chalking up last week’s CVS/Aetna news to a recent Amazon push into the pharma world. The Journal breaks down exactly what that means—both for the industry and for Amazon, which faces a series of challenges...more

Another Bumpy Week for Equifax: Virus Hits Website, IRS Suspends Contract and Hacked UK Residents Notified

It was another chaotic week for Equifax Inc., still scrambling to stem the torrent of bad news after its massive data breach last month that has potentially affected more than half of the U.S.’s adult population....more

Equifax Breach: What Can the Hackers Do with Your Information and How Can You Protect Yourself?

by Bowditch & Dewey on

The Equifax breach is not the biggest in terms of the number of people affected (the 2016 Yahoo breach compromised data associated with over 500 million user accounts compared to the 143 million people affected by the Equifax...more

Asset Management Regulatory Roundup - September 2017 - Issue 6

by Dechert LLP on

A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details on Brexit: Impact on cross-border financial services contracts; cryptocurrency: initial...more

Every Day is Bitcoin Pizza Day: What Clients and Estate Planners Need to Know about Virtual Currency

by Murtha Cullina on

The combined value of all of the 867 crypto currencies tracked by CoinMarketCap.com is presently over $161 billion. Only seven years ago, on what is commemorated as “Bitcoin Pizza Day,” Bitcoin, then a new crypto currency,...more

Cryptocurrency Traders Beware – The Taxman Cometh!

As the collective market cap of the cryptocurrencies has jump above $150 billion, traders and investors have accumulated significant gains. That’s the good news. The bad news is that the Internal Revenue Service is stepping...more

Do Not Expect Anonymity from Virtual Currency

by Sanford Millar on

There is a widely held misconception that using virtual currency such as BitCoin assure the users that their transaction is anonymous. For this reason virtual currency is used to move money from countries with currency...more

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

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