El 4/19/24, el IRS publicó el borrador del Formulario 1099-DA para reportar los ingresos de activos digitales de las transacciones de corredores. El IRS afirma que: “Este borrador preliminar refleja el Aviso de Reglamentación...more
On 4/19/24, the IRS published draft Form 1099-DA for reporting digital asset proceeds from broker transactions. The IRS states that: “This early draft release reflects the notice of proposed rulemaking that appeared in the...more
Satoshi Nakamoto’s invention of Bitcoin in 2009 opened the door to rethinking the way value can be transferred and stored. However, crypto markets have long been considered by most analysts and attorneys as the “Wild West” of...more
On August 10, 2021, the U.S. Senate passed a $1 trillion infrastructure bill after months of negotiations. Tucked away within the sweeping legislation are measures that would extend Form 1099-B and cost basis reporting...more
Virtual Currency (VC) investors continue to have accounting challenges at tax time. They are seeking to better understand and comply with their U.S. tax regulatory obligations when using VC. ...more
In a March 23 news release, the IRS reminded taxpayers that income from virtual currency transactions must be reported on income tax returns, and that certain virtual currency transactions are taxable like any other property...more
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