News & Analysis as of

Brokers Cryptocurrency Infrastructure Investment and Jobs Act (IIJA)

Allen Barron, Inc.

The Action Cryptocurrency Investors Need to Take Immediately

Allen Barron, Inc. on

What is the action cryptocurrency investors need to take immediately? What has changed, and why should any digital asset holder or investor pay attention to this game-changing development? Here is the short answer: If you...more

Allen Barron, Inc.

The IRS Digital Asset Broker Reporting Requirements

Allen Barron, Inc. on

The IRS digital asset broker reporting requirements were finalized earlier this year and impact all digital asset (i.e., cryptocurrency and Non-Fungible Tokens or NFTs) transactions beginning January 1, 2025. What do...more

Pillsbury Winthrop Shaw Pittman LLP

New Digital Asset Regulations Provide Glimmers of Much-Needed Clarity

The proposed regulations under the Infrastructure Investment and Jobs Act (IIJA) expand the definition of “broker” to include anyone who provides facilitative services which effectuate sales. Not surprisingly, centralized...more

Lowenstein Sandler LLP

Proposed Regulations Would Impose New Reporting Requirements on Transactions Involving Cryptocurrency and Other Digital Assets

Lowenstein Sandler LLP on

In response to a provision in the 2021 Infrastructure Investment and Jobs Act, the Department of the Treasury and the Internal Revenue Service (IRS) have issued proposed regulations that would impose new tax reporting...more

Proskauer - Tax Talks

Recent Legislative Proposals and IRS Guidance on the Taxation of Digital Assets

Proskauer - Tax Talks on

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

Cadwalader, Wickersham & Taft LLP

Back to the Future ... Cryptocurrency Tax Reporting

The cryptocurrency industry may be breathing a sigh of relief following the release of recent IRS guidance on cryptocurrency tax reporting, which effectively postpones the January 1, 2023 effective date of the digital asset...more

Morgan Lewis

Digital Asset Brokers: Proceed with Caution

Morgan Lewis on

The IRS has effectively delayed the implementation of the new digital asset broker rules under Internal Revenue Code Sections 6045 and 6045A. The US Treasury Department (Treasury) and Internal Revenue Service (IRS) recently...more

Morrison & Foerster LLP

Treasury Suggests Limiting Definition of Digital Asset Broker

Recent correspondence between a group of U.S. Senators and the Department of the Treasury appears to have eased the significant concerns expressed by the digital asset sector regarding the scope of the new broker reporting...more

Dechert LLP

U.S. Treasury Signals that Cryptocurrency Miners & Stakers Will Not Be Subject to Broker Information Reporting Tax Requirements

Dechert LLP on

On February 11, 2022, in a letter addressed to certain U.S. Senators, the U.S. Department of the Treasury indicated that cryptocurrency miners, cryptocurrency stakers or related hardware or software providers would not be...more

Manatt, Phelps & Phillips, LLP

Crypto Reporting Rules in the Biden Infrastructure Deal

The Infrastructure Investment and Jobs Act (the Act), H.R. 3684, commonly referred to as the infrastructure bill, was signed into law by President Biden on November 15, 2021. ...more

Morrison & Foerster LLP

New Cryptocurrency Reporting Requirements

Morrison & Foerster LLP on

Through its recent passage of the Infrastructure Investment and Jobs Act (the “Act”), Congress resolved an open question regarding the extent to which cryptocurrency transactions should be subject to information reporting...more

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