News & Analysis as of September 22, 2024

Virtual Currency › Tax Reform

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Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender status, Virtual Currency is still traded and exchanged in some environments, typically online environments or communities. Bitcoin is the most well-known form of Virtual Currency. less -

[Event] Tax Symposium 2024 - May 14th - 15th, Chicago, IL

McDermott Will & Emery on 5/2/2024

Discover the latest global developments and planning opportunities to stay ahead of the curve at McDermott’s Tax Symposium 2024. Join us in Chicago for a full day of programming designed to equip corporate tax leaders with...more

Congress Getting in on Barbenheimer Action, Goes for Crypto Tax Double Feature

Cadwalader, Wickersham & Taft LLP on 7/27/2023

Recent legislative action suggests that Congress is eager to resolve many unanswered crypto tax issues. On July 11, 2023, Senators Ron Wyden and Mike Crapo released an open letter to the “members of the digital asset...more

Weekly IRS Roundup April 24 – April 28, 2023

McDermott Will & Emery on 5/2/2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 24, 2023 – April 28, 2023...more

Congress and the IRS Make Moves to Improve Taxpayer Compliance for Cryptocurrency Transactions

Proskauer - Blockchain and the Law on 3/4/2022

IRS Commissioner Charles Rettig, testifying before Congress in April 2021, estimated the gap between taxes owed and taxes collected in the United States to be close to $1 trillion....more

How the IRS Uses Social Media to Find Crypto Tax Cheats

Foodman CPAs & Advisors on 1/25/2022

Does your Twitter, Reddit, Facebook, Instagram or other social media feed feature photos of your new sports car, boat, fabulous vacation or the beach house that you bought with your crypto gains? Do you also report a low...more

Cryptocurrency Stakeholders Should Prepare for Increased Tax Enforcement

Dechert LLP on 11/17/2021

As we recently noted in our OnPoint dated October 20, 2021, the rise in interest from retail and institutional investors in the cryptocurrency market has attracted increased regulatory and enforcement attention in the past...more

IRS Puts Brokers On The Hot Seat for Crypto Tax Reporting

Foodman CPAs & Advisors on 11/4/2021

Definition of a broker is debated The Biden Administration’s 2021–2022 Priority Guidance Plan (the Plan) supports a push from the IRS and the US Treasury to more closely scrutinize the virtual currency industry....more

El IRS Está En Una Misión De Reducir La Brecha Fiscal

Foodman CPAs & Advisors on 6/2/2021

La diferencia entre el monto del impuesto adeudado por los Contribuyentes para un año determinado y el monto que realmente se paga oportunamente para ese mismo año se conoce como “Brecha Fiscal Bruta” (“Tax Gap”). El IRS...more

Biden Administration Proposals Will Greatly Enhance IRS’ Ability to Identify Cryptocurrency Transactions

McDermott Will & Emery on 5/27/2021

The Biden Administration and the Internal Revenue Service (IRS) continue to focus heavily on cryptocurrency tax enforcement issues. On May 20, 2021, the US Department of the Treasury (Treasury) released the American Families...more

¿Qué es un evento tributable en la moneda virtual?

Foodman CPAs & Advisors on 10/8/2018

Sigue habiendo dirección limitada del Tesoro de los EE.UU y el IRS sobre la Moneda virtual (MV) y los inversionistas de la MV deben proceder con cautela....more

Swapping Virtual Currencies will trigger tax obligations under the Tax Cuts and Jobs Act

Foodman CPAs & Advisors on 7/2/2018

There are investors that have an interest in “exchanging or swapping” Virtual Currency (VC). Prior to the passage of the Tax Cut and Jobs Act (TCJA), VC investors could take the position that if they “exchanged or swapped”...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 2/15/2018

Nordstrom’s doing what it can to fight the seemingly inevitable decline of many retailers in the face of online competition. The family-run company has been revamping stores, amassing e-commerce companies, and launching new...more

Funds Talk: February 2018

Kramer Levin Naftalis & Frankel LLP on 2/2/2018

Global Regulators Increasingly Shifting Focus to Cryptocurrency - After years of allowing cryptocurrency transactions to fly under the radar, financial market regulators are beginning to turn their attention to virtual...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 2/1/2018

The Fed held its last Open Markets Committee meeting under outgoing Chair Yellen, and it agreed to hold the benchmark rate in a range between 1.25% and 1.5%. Here’s the lowdown....more

Your Daily Dose of Financial News

Robins Kaplan LLP on 1/26/2018

ECB Chief Mario Draghi’s having none of the US Treasury Secretary’s recent weak-dollar talk, accusing the US official, in not so many words, of “violating agreements among nations against starting currency wars”....more

Orrick's Financial Industry Week In Review

Orrick, Herrington & Sutcliffe LLP on 1/12/2018

Chairman Giancarlo Statement on Virtual Currencies - On January 4, 2018, the Commodity Futures Trading Commission (CFTC) Chairman, J. Christopher Giancarlo, issued a statement on virtual currencies. "The CFTC's Market Risk...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 12/19/2017

European authorities have opened an investigation into Inter Ikea, one of the Swiss retail giant’s two primary divisions based in the Netherlands, over “concerns that it may have been given unfair tax advantages”....more

Your Daily Dose of Financial News

Robins Kaplan LLP on 12/14/2017

As widely expected, the Fed affirmed the general strength of the US economy today by raising the benchmark interest rate again today—the 5th raise since the financial crisis....more

Your Daily Dose of Financial News

Robins Kaplan LLP on 10/30/2017

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

Your Daily Dose of Financial News

Robins Kaplan LLP on 4/26/2017

Mega luxury brand news yesterday, as LVMH announced a series of moves that, combined with $13.1 billion, helped it take over the 70-year-old French fashion house Christian Dior....more

MoFo New York Tax Insights - Volume 6, Issue 1 - January 2015

Morrison & Foerster LLP on 1/6/2015

In This Issue: - The Top 10 New York Tax Highlights of 2014 - Tribunal Affirms That a Charter Yacht Is Not Exempt from Use Tax as a Commercial Vessel - Court of Appeals Holds City Transfer Tax Does Not...more

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Virtual Currency › Tax Reform

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