As a reminder to our clients and friends of the firm, the beneficial ownership reporting deadline is soon approaching. Applicable entities that were formed or registered to do business in the U.S. prior to this year, have...more
Crypto tax policy continues to move forward, domestically and internationally. Domestically, the IRS seeks comments on the new Form 1099-DA. Internationally, the Organization for Economic Co-Operation and Development (“OECD”)...more
10/17/2024
/ Criminal Investigations ,
Cross-Border ,
Cryptoassets ,
Cryptocurrency ,
Digital Assets ,
FACTA ,
Income Taxes ,
IRS ,
OECD ,
Reporting Requirements ,
Tax Crimes
The Internal Revenue Service (“IRS”) recently finalized Treasury Regulations (the “Final Regulations”) and published two notices and a Revenue Procedure (the “Transitional Guidance”) for broker reporting of certain...more
8/29/2024
/ Anti-Money Laundering ,
Brokers ,
Digital Assets ,
Fair Market Value ,
Final Rules ,
IRS ,
Non-Fungible Tokens (NFTs) ,
Popular ,
Reporting Requirements ,
Stablecoins ,
Tax Code ,
Tax Planning
The U.S. Treasury finalized regulations (the “Regulations”), providing rules for public companies subject to the 1% excise tax on certain redemptions of their publicly traded stock (the “Stock Repurchase Excise Tax”).
The...more
8/6/2024
/ Broker-Dealer ,
Complex Corporate Transactions ,
Debt Instruments ,
Excise Tax ,
Inflation Reduction Act (IRA) ,
Nasdaq ,
Recordkeeping Requirements ,
Registered Investment Companies (RICs) ,
Regulatory Requirements ,
REIT ,
Restricted Stocks ,
Securities Exchange Act of 1934 ,
Special Purpose Acquisition Companies (SPACs) ,
Stock Repurchases ,
Stocks ,
U.S. Treasury
The United States and Switzerland jointly announced the conversion of the intergovernmental agreement (“IGA”) from a “Model 2” to “Model 1” agreement. The new IGA will come into effect January 1, 2027, allowing time for...more
Last week, the Internal Revenue Service (“IRS”) proposed regulations (the “Proposed Regulations”) to treat certain basket contracts as listed transactions. Basket contracts were previously identified as transactions of...more
The IRS released a draft of a new tax form, Form 1099-DA, that brokers will use to report proceeds from certain digital asset transactions. The draft Form 1099-DA can be found on the IRS website and below. The effective date...more
Tax reform, like spring, is in the air. The Biden Administration recently released its fiscal year 2025 revenue proposals, known as the annual “Greenbook.” The Greenbook’s 250+ pages of tax reforms include six potential...more
4/24/2024
/ Asset Tokens ,
Biden Administration ,
Bitcoin Mining ,
Capital Losses ,
Digital Assets ,
Financial Institutions ,
Income Taxes ,
Lending ,
Reporting Requirements ,
Tax Reform ,
Wash Sale Rules
Tax evasion is as old as tax collection, so it is no surprise that there is tax evasion related to crypto. In a recent case, United States v. Frank Ahlgren III, Federal prosecutors allege that between 2017 and 2019, the...more
The Internal Revenue Service (“IRS”) issued an announcement that it is delaying implementation of reporting obligations for businesses that accept large amounts of digital assets. This SKrypto Blog Post summarizes cash and...more
Memorandum to our Investment Management Clients and Friends -
The United States Tax Court recently issued a ruling (the “Ruling”) pertaining to the possible exclusion of a limited partner’s distributive share of income...more
12/5/2023
/ Audits ,
Cross Motions ,
Fund Managers ,
Internal Revenue Code (IRC) ,
Investment Funds ,
Investment Management ,
IRS ,
Limited Partnerships ,
Motion for Summary Judgment ,
Self-Employment Tax ,
Tax Court
The Corporate Transparency Act (the “CTA”), a set of new regulations being implemented by the Financial Crimes Enforcement Network (“FinCEN”), requires entities newly formed or registered to do business in the United States...more
12/4/2023
/ Beneficial Owner ,
Beneficiaries ,
Corporate Transparency Act ,
Criminal Penalties ,
Deadlines ,
Exemptions ,
FinCEN ,
Grantor Trusts ,
Investment Adviser ,
Investment Companies ,
Investment Funds ,
Limited Liability Company (LLC) ,
Limited Partnerships ,
NDAA ,
Reporting Requirements ,
Trusts
August 22, 2023 Earlier this summer, the House Committee on Ways and Means introduced a tax relief package (the “Proposals”), which establishes a framework for potential tax changes. The Proposals are not expected to be...more
The IRS published guidance on the federal income tax treatment of staking income in Revenue Ruling 2023-14. Consistent with its prior ruling on hard forks, the IRS maintains that taxpayers realize taxable income when he or...more
The Internal Revenue Service released Notice 2023-27 (the “Notice”), providing guidance on the federal tax treatment of nonfungible tokens (“NFTs”). In a prior SKRYPTO blogpost, we noted that investors selling NFTs could be...more
This Memorandum discusses the New York City pass-through entity tax (“PTET”) election. Partnerships and S corporations with New York City resident partners, members or shareholders may elect into this tax. Once elected, New...more
This Memorandum highlights several important U.S. federal income tax developments in the summer of 2022, including: (i) the Supreme Court agreeing to hear an FBAR penalty case, (ii) the Internal Revenue Service (“IRS”)...more