News & Analysis as of September 20, 2024

Income Taxes › Revenue Rulings

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

Weekly IRS Roundup July 15 – July 19, 2024

McDermott Will & Emery on 7/29/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 15, 2024 – July 19, 2024. ...more

The IRS Takes Aim at Basis Adjustments in Partnership Transactions

Skadden, Arps, Slate, Meagher & Flom LLP on 6/25/2024

On June 17, 2024, the IRS issued three pieces of guidance addressing certain “basis-shifting” transactions in the context of related-party partnerships: In new proposed regulations, the IRS identified several...more

[Webinar] New IRS Guidance on Basis Adjustments for Irrevocable Grantor Trusts: Key Issues for U.S. and Non-U.S. Persons - June...

Strafford on 6/3/2024

This CLE/CPE webinar will provide estate planners insight on recently issued IRS guidance regarding basis adjustments for irrevocable grantor trusts. The panelist will discuss key items and challenges stemming from Revenue...more

Weekly IRS Roundup March 11 – March 15, 2024

McDermott Will & Emery on 3/19/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 11, 2024 – March 15, 2024. ...more

Weekly IRS Roundup March 4 – March 8, 2024

McDermott Will & Emery on 3/13/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 4, 2024 – March 8, 2024. ...more

Weekly IRS Roundup January 15 – January 19, 2024

McDermott Will & Emery on 1/24/2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 15, 2024 – January 19, 2024. ...more

Weekly IRS Roundup August 14 – August 18, 2023

McDermott Will & Emery on 8/23/2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 14, 2023 – August 18, 2023...more

IRS Guidance Declares That Taxpayers Must Include Staking Rewards in Gross Income

McDermott Will & Emery on 8/3/2023

On July 31, 2023, the Internal Revenue Service (IRS) released Revenue Ruling 2023-14, which concludes that the fair market value of staking rewards received by a cash-method taxpayer is includible in the taxpayer’s gross...more

IRS Issues Revenue Ruling 2023-14 on Staking

Fenwick & West LLP on 8/1/2023

On July 31, 2023, the IRS issued Revenue Ruling 2023-14, which sets forth the IRS’s position as to when certain staking “rewards” are taxable income. The Ruling analyzes a fact pattern where a cash method taxpayer “stakes...more

Weekly IRS Roundup December 19 – December 23, 2022

McDermott Will & Emery on 12/28/2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 19, 2022 – December 23, 2022...more

Weekly IRS Roundup August 29 – September 2, 2022

McDermott Will & Emery on 9/6/2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 29, 2022 – September 2, 2022....more

Weekly IRS Roundup July 25 – July 29, 2022

McDermott Will & Emery on 8/2/2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 25, 2022 – July 29, 2022...more

Weekly IRS Roundup July 4 – July 8, 2022

McDermott Will & Emery on 7/11/2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 4, 2022 – July 8, 2022...more

Weekly IRS Roundup April 17 – April 23, 2022

McDermott Will & Emery on 4/25/2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 17, 2022 – April 23, 2022... April 18, 2022: The IRS issued Revenue Ruling 2022-9,...more

Guidance Addresses BTC-to-BCH Hard Fork

Cadwalader, Wickersham & Taft LLP on 5/5/2021

CCA 202114020 addresses the tax consequences of bitcoin’s 2017 “hard fork,” which created bitcoin cash. Under the CCA, taxpayers who received bitcoin cash as a result of the hard fork had gross income when they had “dominion...more

JONES DAY TALKS®: Hard Forks and Airdrops: The IRS Issues Cryptocurrency Tax Guidance

Jones Day on 2/26/2020

The IRS's first guidance on the taxation of cryptocurrency in five years provides some new insights, but also leaves several issues unresolved. Jones Day partner Lori Hellkamp discusses Revenue Ruling 2019-24, with...more

IRS Issues New Guidance for Virtual Currency Donations

Proskauer - Blockchain and the Law on 1/31/2020

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

South Carolina Issues Sales Tax Ruling Taxing Tobacco Rebates/Refunds

Burr & Forman on 1/27/2020

The South Carolina Department of Revenue (DOR) has issued a proposed Revenue Ruling which will have a significant impact on South Carolina tobacco retailers, if finalized in its present form. The proposed Revenue Ruling, to...more

Weekly IRS Roundup December 16 – 20, 2019

McDermott Will & Emery on 12/27/2019

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 16 – 20, 2019. December 16, 2019: The IRS released a notice extending the phase-in...more

South Carolina Department of Revenue Announces Changes to County Tiers for 2020

Womble Bond Dickinson on 12/20/2019

The South Carolina Department of Revenue has released the 2020 county tier rankings for all South Carolina counties. The rankings are reassessed each year and are determined in part by per capita income and unemployment rate...more

Weekly IRS Roundup December 9 – 13, 2019

McDermott Will & Emery on 12/18/2019

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 9 – 13, 2019. December 10, 2019: The IRS issued a notice providing that the requirement...more

IRS Officials Discuss Promotional Airdrops, Pre-2018 Crypto-for-Crypto Exchanges, and Other Issues Not Addressed in Recent Tax...

Proskauer - Blockchain and the Law on 12/12/2019

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

Luxembourg pre-2015 tax rulings: the end is nigh

White & Case LLP on 11/1/2019

On 14 October 2019, the Luxembourg Government submitted to the parliament a draft bill of law for the 2020 budget (the Budget 2020 Bill of Law), which includes a new provision that, if adopted, could have significant...more

Still Tax, Even Without the Distributed Cash

McDermott Will & Emery on 10/22/2019

The IRS recently issued guidance on the tax treatment, withholding and reporting for required distributions from tax-qualified retirement plans. Plan sponsors should contact their retirement vendors and trustees to ensure...more

New Guidance from the Internal Revenue Service on Cryptocurrency: Rev. Rul. 2019-24 Clarifies the Agency’s Position on Hard Forks...

Rosenberg Martin Greenberg LLP on 10/21/2019

On October 9, 2019, the Internal Revenue Service (“the Service”) published further guidance regarding the tax treatment of cryptocurrency. This marks the first time since 2014 that the Service has provided insight into the...more

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Income Taxes › Revenue Rulings

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