On April 10, 2025, President Donald Trump signed a joint resolution to repeal the DeFi broker reporting regulations which were finalized in December in T.D. 10021....more
On March 4, 2025, the U.S. Senate passed joint resolution S.J.Res.3, disapproving the DeFi broker reporting regulations Treasury finalized at the end of the Biden Administration. Senator Ted Cruz (R-TX) introduced the...more
3/10/2025
/ Biden Administration ,
Congressional Review Act ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Disclosure Requirements ,
Financial Services Industry ,
FinTech ,
IRS ,
Joint Resolutions ,
Regulatory Reform ,
Reporting Requirements ,
U.S. Treasury
On January 21, 2025, Senator Ted Cruz (R-TX), writing for himself and Senators Cynthia Lummis (R-WY), Bill Hagerty (R-TN), Thomas Tillis (R-NC), Tim Sheehy (R-MT), and Ted Budd (R-NC), introduced a joint resolution to the...more
1/30/2025
/ Brokers ,
Congressional Committees ,
Congressional Review Act ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
FinTech ,
Internal Revenue Code (IRC) ,
IRS ,
Joint Resolutions ,
Regulatory Agenda ,
Reporting Requirements ,
U.S. Treasury
The U.S. Treasury Department and the Internal Revenue Service (IRS) released final broker reporting regulations with respect to DeFi on December 27, 2024, in T.D. 10021. These final regulations apply to sales of digital...more
On June 28, 2024, the U.S. Treasury Department and the Internal Revenue Service (IRS) issued final broker reporting regulations that mandate broker reporting for centralized exchanges and hosted wallet providers, providing...more
7/5/2024
/ Brokers ,
Chevron Deference ,
Crypto Exchanges ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Wallets ,
Final Rules ,
IRS ,
Popular ,
Reporting Requirements ,
Revenue Procedures ,
Safe Harbors ,
U.S. Treasury
Following the IRS’s issuance of guidance in Notice 2023-63 regarding R&D capitalization under Section 174, a working group of several Fenwick tax group attorneys commented to the IRS and the U.S. Treasury Department on...more
11/30/2023
/ Amortization ,
Disclosure Requirements ,
Internal Revenue Code (IRC) ,
IRS ,
Life Sciences ,
New Guidance ,
Proposed Regulation ,
Research and Development ,
Research and Experiment Tax Credit ,
SEC Comment Letter Process ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Taxation ,
Technology Sector ,
U.S. Treasury
On Friday, August 25, 2023, the U.S. Treasury Department (Treasury) released proposed regulations interpreting the broker reporting rules for digital assets that were part of the 2021 Infrastructure Investment and Jobs Act...more
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
On March 21, 2023, the Internal Revenue Service (IRS) announced its intent to issue guidance related to the taxation of certain types of nonfungible tokens (NFTs). Notice 2023-27 is the agency’s first published document...more
On December 23, 2022, the Internal Revenue Service (IRS) released Announcement 2023-2 in response to the new broker reporting rules that were part of the 2021 Infrastructure Investment and Jobs Act (the Infrastructure Act)....more
On August 10, 2021, the U.S. Senate passed an infrastructure bill containing explicit rules to be inserted into the Internal Revenue Code regarding digital assets. The passage marks the first time that language on this topic...more
Enacted on March 27, the Coronavirus Aid, Relief, and Economic Security Act—or CARES Act—?contains several important tax provisions for businesses and individuals. Notable business tax provisions include the creation of a new...more