News & Analysis as of

Internal Revenue Code (IRC) Cryptoassets

Latham & Watkins LLP

The Corporate AMT’s Crypto Problem Poses Constitutional Hazards

Latham & Watkins LLP on

Under recent accounting rule changes, unrealized crypto gains must generally be reported on income statements, but questions arise about the alignment of the new Corporate Alternative Minimum Tax with constitutional tax...more

Cadwalader, Wickersham & Taft LLP

Finally Final Crypto Reporting Regulations

On June 28, 2024, the Treasury and the IRS released final regulations on reporting requirements for brokers of digital assets (the “Final Regulations”) and provided transitional relief, including Notice 2024-56, Notice...more

Cadwalader, Wickersham & Taft LLP

ABA Tax Section Comments on Proposed Crypto Broker Reporting Regulations

On December 20th, 2023, the American Bar Association Tax Section published detailed comments and recommendations (the “ABA Comments”) on the proposed crypto broker reporting regulations.  As discussed here, the New York State...more

ASKramer Law

The Benefits of Donating Digital Assets to Charity

ASKramer Law on

Taxpayers can receive significant tax benefits when donating cryptocurrency and other appreciated digital assets to a charity. This article looks at some key considerations to keep in mind as you consider all your options....more

ASKramer Law

Accepting Cryptocurrency and Digital Asset Donations: What Charities Need to Know

ASKramer Law on

Charities should address several issues when considering whether to accept donations of digital assets, defined to include cryptocurrency, stablecoins, and non-fungible tokens (NFTs)....more

ASKramer Law

Valuing Noncash Charitable Donations, Including Digital Assets

ASKramer Law on

As we’re approaching year end, this is a good time to revisit the tax rules that apply to donating noncash property—including donations of digital assets....more

ASKramer Law

Digital Asset Theft Loss Deductions are More Complicated Than You Think

ASKramer Law on

Taxpayers can take a tax deduction with respect to “theft” losses that result from an illegal “taking of property” done with criminal intent. Among various other types of criminal activities, fraud is treated as theft under...more

Kilpatrick

IRS Publishes Advice Concerning Cryptocurrency that has Declined in Value

Kilpatrick on

On January 13, 2023, the Internal Revenue Service (IRS) Office of Chief Counsel published Memorandum 202302011 titled “[a]pplicability of I.R.C. section 165 to cryptocurrency that has declined in value.” The Memorandum...more

Freeman Law

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

Freeman Law on

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

Skadden, Arps, Slate, Meagher & Flom LLP

Tax Law Struggles To Keep Pace With the Proliferation of Cryptocurrency

Takeaways - The technical architecture of various cryptocurrencies makes it difficult to bring them within existing tax rules, even those designed to deal more generally with the digital marketplace. The U.S., U.K. and...more

10 Results
 / 
View per page
Page: of 1

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide