On April 9, 2024, the Department of the Treasury (“Treasury”) and the Internal Revenue Service (the “IRS”) issued two sets of proposed Treasury Regulations related to section 4501, REG-115710-22, which provides guidance on...more
5/21/2024
/ Covered Entities ,
Debt ,
Excise Tax ,
Fair Market Value ,
Foreign Corporations ,
IRS ,
Payment Systems ,
Proposed Regulation ,
Reorganizations ,
Reporting Requirements ,
Special Purpose Acquisition Companies (SPACs) ,
Stock Repurchases ,
Stocks ,
U.S. Treasury
This blog post summarizes recent federal bills that have been introduced (but not yet passed), proposals by the Biden Administration, and guidance issued by the Internal Revenue Service with respect to the taxation of digital...more
5/2/2023
/ Biden Administration ,
Brokers ,
Cryptocurrency ,
Decentralized Autonomous Organization (DAO) ,
Digital Assets ,
Excise Tax ,
FATCA ,
Green Book ,
Infrastructure Investment and Jobs Act (IIJA) ,
IRS ,
New Guidance ,
Non-Fungible Tokens (NFTs) ,
Proposed Legislation ,
Reporting Requirements ,
Stablecoins ,
Virtual Currency
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
3/4/2022
/ Bitcoin ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Financial Transactions ,
Income Taxes ,
IRS ,
Proposed Legislation ,
Regulatory Agenda ,
Reporting Requirements ,
Tax Liability ,
Tax Reform ,
Virtual Currency