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BakerHostetler

Weekly Blockchain Blog - April 2024 #5

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Hong Kong Approves Crypto ETFs; Crypto Security, Payments Products Launch - According to recent reports, the Hong Kong Securities and Futures Trading Commission has conditionally approved the launch of the first spot...more

BakerHostetler

Weekly Blockchain Blog - March 2024

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Crypto Exchanges Launch Institutional Platform, LATAM Stablecoin - A major U.S. cryptocurrency exchange recently announced the launch of an institutional platform “aimed at institutions, asset managers, hedge funds and...more

Sheppard Mullin Richter & Hampton LLP

When Does Cryptocurrency Mining Create a Taxable Event? IRS Does Not Clarify

A couple rejected a refund settlement offer from the IRS over its tax treatment of tokens they earned from mining. Instead, the couple has sought formal adjudication on the issue from the federal courts. The government has...more

Miller Nash LLP

Today in Tax: New Positions on Taxation of “Staking” Rewards; New Reporting Requirements for Foreign Tax Matters

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Jarrett Case Raises New Questions on How to Report Cryptocurrency “Staking” Rewards - While the IRS has not specifically addressed the taxation of staking rewards, they have indicated a willingness to treat these rewards in...more

Cadwalader, Wickersham & Taft LLP

Is Staking a Taxable Service?

On February 3, the Proof of Stake Alliance (“POSA”), a cryptocurrency industry association, issued a press release regarding recent developments in a cryptocurrency tax case, in which the IRS approved the tax refund sought by...more

Freeman Law

Crypto Mining and Retirement Accounts

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Crypto Mining and Retirement Accounts - Crypto mining has been extremely profitable over the last few years, with Bitcoin miners making an estimated $15 billion of revenue and several mining companies going public in 2021....more

Dechert LLP

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

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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

Freeman Law

Taxation of Crypto Mining

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Amid the crypto boom, mining has become an extremely lucrative venture for many and critical to maintaining decentralized cryptocurrency networks. It is no surprise then that mining has been subject to IRS scrutiny and...more

BakerHostetler

Blockchain Pilots from US Treasury, Seafood Providers, Voting Systems; Global Regulators Address Stablecoin Risks

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US Treasury Announces Blockchain Pilot, Major Bitcoin Mining Facility Launches in Texas, Foreign Crypto Exchange Developments - There were several developments in the digital capital markets and payments space this week,...more

Foodman CPAs & Advisors

Lo que sabemos sobre el Cumplimiento Crypto y los impuestos federales de los EE. UU.

La última Notificación emitida por el IRS sobre Criptomoneda fue el Aviso 2014-21 publicado el 25 de Marzo del 2014 que brinda orientación en forma de respuestas a preguntas frecuentes (“Frequently Asked Questions”). ...more

Foodman CPAs & Advisors

What we know about Crypto Compliance and US Federal Taxes

The last Notice issued by the IRS on Cryptocurrency was Notice 2014-21 posted on March 25, 2014 providing guidance in the form of answers to frequently asked questions. ...more

Foodman CPAs & Advisors

Muchos Buscan la guía del IRS para la Moneda Virtual

Debido al nivel sin precedentes de apreciación del valor, los inversionistas de Bitcoin, consumidores y empresas están buscando la orientación del IRS. El IRS reconoce que la "moneda virtual" se puede usar para pagar bienes...more

Foodman CPAs & Advisors

AICPA steps up to IRS to recommend that IRS provide Virtual Currency Clarity

On 5/30/18, the American Institute of CPAs (AICPA) sent a letter (https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/20180530-aicpa-comment-letter-on-notice-2014-21-virtual-currency.pdf) to the IRS...more

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