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Income Taxes › Tax Planning › Cryptocurrency

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -
Cadwalader, Wickersham & Taft LLP

First Stand-Alone Crypto Tax Fraud Case Leads to Guilty Plea

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On September 12, 2024, the U.S. Department of Justice (“DOJ”) announced that Frank Richard Ahlgren III pleaded guilty to filing a false tax return underreporting gains from selling $3.7 million in Bitcoin. As we discussed...more

Mayer Brown

Through the Looking Glass: US Internal Revenue Service Finalizes Cryptocurrency Tax Reporting Regulations

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In August 2023, the US Internal Revenue Service (“IRS”) proposed regulations to fulfill the Congressional mandate to require US tax reporting of digital asset transactions by brokers and other intermediaries. After evaluating...more

Allen Barron, Inc.

How Will the New Crypto Tax Proposal Potentially Affect Your Current Digital Strategy?

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How will the administration’s new crypto tax proposal affect your current digital strategy? How do recent price surges in many cryptocurrencies affect the taxable events of US taxpayers? The value of many...more

Falcon Rappaport & Berkman LLP

Digital Assets Reporting Requirements Under Section 6050I

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On January 16, 2024, the Treasury Department and Internal Revenue Service (“IRS”) announced that the agencies are postponing the implementation of increased reporting requirements for digital asset transactions under the...more

White and Williams LLP

Virtual Currency Ventures: Navigating Tax and Accounting Waters for Success

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Step into the fascinating world of virtual currencies, where digital marvels like Bitcoin and Dogecoin, have captured the attention of adventurers and investors alike. As you venture into this dynamic realm, it's important to...more

McDermott Will & Emery

Weekly IRS Roundup August 14 – August 18, 2023

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Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 14, 2023 – August 18, 2023...more

Wilson Sonsini Goodrich & Rosati

IRS Confirms That Staking Rewards Are Part of Gross Income

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On July 31, 2023, the Internal Revenue Service (IRS) released Revenue Ruling 2023-14, which provides that cryptocurrency stakers should include the value of the rewards they earn from staking in their gross income....more

Cadwalader, Wickersham & Taft LLP

Playing the Waiting Game on Crypto Tax Reporting

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As previously discussed here, the IRS published guidance in December 2022 effectively postponing the January 1, 2023 effective date for certain digital asset broker reporting rules until final regulations are promulgated. To...more

Bowditch & Dewey

Cryptocurrency Wash-Sale Loss Harvesting

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The IRS wash-sale rule does not currently apply to cryptocurrency because the IRS considers virtual currencies to be property rather than securities. In general, a taxpayer who exchanges cryptocurrency for goods, services or...more

Cadwalader, Wickersham & Taft LLP

IRS Says Crypto Protocol Changes Are Not Taxable

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On April 21, 2023, the IRS released Chief Counsel Advice Memorandum 202316008 (the “CCA”), which provides that cryptocurrency protocol changes are not treated as realization events and do not give rise to gross income for...more

Cadwalader, Wickersham & Taft LLP

IRS Gets Serious About Digital Asset Reporting by Individuals

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Since 2019, Form 1040 has included a general question regarding the taxpayer’s cryptocurrency activity. Over the years, the IRS has modified the scope of its cryptocurrency inquiry. On the 2021 Form 1040, this question read:...more

ASKramer Law

Tax Return Reporting of Cryptocurrency

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You need to consider how you’ll report digital asset transactions on your 2022 tax returns. Tax reporting requirements for digital assets have changed yearly since 2019, when the IRS first added a question about crypto to IRS...more

Cadwalader, Wickersham & Taft LLP

Back to the Future ... Cryptocurrency Tax Reporting

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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

Cadwalader, Wickersham & Taft LLP

IRS Sheds Light on Harvesting Crypto Losses

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Some investors who experienced rapid declines in the value of their cryptocurrencies during 2022 may be attempting to claim 2022 tax losses. According to the IRS’s Office of Chief Counsel, some of these investors may be out...more

Foodman CPAs & Advisors

Filing 2022 Taxes: Best To Get Ready Now

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Taxpayers ought to start getting ready to file 2022 taxes. Going through statements, receipts, tax forms and other financial documents when it’s time to prepare to file 2022 taxes in 2023 can be a downer for those...more

Beacon Insights by JD Supra

The Year in Tax Law – 2022 Popular Reads on JD Supra

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A look at some of the most widely read tax-related updates and commentary published on JD Supra during 2022....more

Freeman Law

Can I Deduct Cryptocurrency Losses?

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Can digital asset or cryptocurrency investors that were customers or account holders in a failed cryptocurrency business claim a deduction for their digital asset or cryptocurrency loss? So far this year there have been four...more

Polsinelli

The IRS expands crypto guidance to include “NFTs” and other “Digital Assets,” ahead of the 2022 filing season

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The Internal Revenue Service (IRS) was one of the first United States regulators to provide guidance on the tax treatment of virtual currencies such as Bitcoin. Starting back in 2014 with its release of Internal Revenue...more

McGlinchey Stafford

Podcast: DeFi and Tax: How are digital currencies treated by the IRS? [More with McGlinchey, Ep. 47]

McGlinchey Stafford on

Cryptocurrency has gained in popularity. Many finance companies have begun offering digital loyalty points and rewards. This sounds appealing until it’s time to figure out how and when digital currency may be taxed. In this...more

Freeman Law

[Webinar] The Freeman Law International Tax Symposium - October 20th - 21st, 9:00 am - 5:00 pm CST

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Join leading tax experts from across the globe, as we discuss tax trends that are reshaping international taxation - AN EXPERIENCE UNLIKE ANY OTHER - Find yourself on the cutting-edge of international tax law, with...more

Cadwalader, Wickersham & Taft LLP

Mini-Me Crypto Tax Legislation

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Bipartisan crypto legislation was introduced by Senators Pat Toomey (R-PA) and Kyrsten Sinema (D-AZ) on July 26, 2022. If enacted, the Virtual Currency Tax Fairness Act would exclude from gross income gain on certain de...more

Cadwalader, Wickersham & Taft LLP

States Turning Eyes to Taxation of Cryptocurrency and Non-Fungible Tokens (NFTs)

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As the IRS ponders its approach to taxing cryptocurrency and NFTs, states are increasingly imposing taxes on some digital asset transactions, including the use of cryptocurrencies...more

Freeman Law

Highlights from the Lummis- Gillibrand Responsible Financial Innovation Act (Introduced)

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On June 7, 2022, a bill was introduced in the U.S. Senate that would provide greater clarity regarding the taxation and regulation of digital assets. Here are some of highlights....more

Akin Gump Strauss Hauer & Feld LLP

The Responsible Financial Innovation Act – A Bullet Point Summary

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Key Points - On June 7, 2022, Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) released long-awaited legislation addressing the regulatory and tax treatment of digital assets. Their Responsible Financial...more

Bowditch & Dewey

Charitable Contributions of Crypto Currency

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Although the recent crypto currency market correction has taken some luster off digital coins, the tax implications of owning and transferring these assets are still important to understand. Because crypto currency is not...more

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