News & Analysis as of

Non-Fungible Tokens (NFTs) Internal Revenue Code (IRC) Cryptocurrency

Allen Barron, Inc.

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

Allen Barron, Inc. on

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

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

ASKramer Law

The Benefits of Donating Digital Assets to Charity

ASKramer Law on

Taxpayers can receive significant tax benefits when donating cryptocurrency and other appreciated digital assets to a charity. This article looks at some key considerations to keep in mind as you consider all your options....more

ASKramer Law

Accepting Cryptocurrency and Digital Asset Donations: What Charities Need to Know

ASKramer Law on

Charities should address several issues when considering whether to accept donations of digital assets, defined to include cryptocurrency, stablecoins, and non-fungible tokens (NFTs)....more

ASKramer Law

Digital Asset Theft Loss Deductions are More Complicated Than You Think

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Taxpayers can take a tax deduction with respect to “theft” losses that result from an illegal “taking of property” done with criminal intent. Among various other types of criminal activities, fraud is treated as theft under...more

Cadwalader, Wickersham & Taft LLP

Treasury Delivers Mother Lode of Tax Reporting Rules to the Crypto Industry’s Doorstep

On August 29, 2023, the IRS published detailed proposed regulations addressing digital asset broker reporting requirements (the “Proposed Regulations”). The Proposed Regulations elaborate on the 2021 changes to the Internal...more

Allen Barron, Inc.

IRS and California Tax Issues Associated with Non-Fungible Tokens or NFTs

Allen Barron, Inc. on

What is a Non-Fungible Token or NFT and what are the IRS and California tax issues associated with Non-Fungible Tokens or NFTs which might apply to you?  NFTs are unique tokens based in and recorded within a blockchain that...more

Cadwalader, Wickersham & Taft LLP

NYSBA Tax Section Recommends Guidance on NFTs

On June 18, 2023, the New York State Bar Association Tax Section submitted a report (the "Report") in response to the IRS’s request for comments in Notice 2023-27.  As previously discussed here, Notice 2023-27 (the "Notice")...more

ASKramer Law

Tax Return Reporting of Cryptocurrency

ASKramer Law on

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

ASKramer Law

How to Donate Cryptocurrency and Other Digital Assets to Charity

ASKramer Law on

Explosive growth in digital assets has left investors with real questions about how to donate cryptocurrency and non-fungible tokens. That the tax bills are high enough to generate this interest is clear evidence of the gains...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

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