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McDermott Will & Emery

Weekly IRS Roundup February 26 – March 1, 2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 26, 2024 – March 1, 2024. ...more

Allen Barron, Inc.

Have You Disclosed Offshore Cryptocurrency and NFT Activities to the IRS?

Allen Barron, Inc. on

Have you fully disclosed offshore cryptocurrency and NFT activities to the IRS? Earlier this month, the US Department of Justice announced the indictment of a Texas man for tax returns that were inaccurate, incomplete, or...more

Foodman CPAs & Advisors

Activos Digitales 2023 Formulario 1040

El 01/22/24, el IRS le recordó a los contribuyentes que deben responder nuevamente a la pregunta sobre activos digitales 2023 en los formularios 1040 y 1040-SR y reportar todos los ingresos relacionados con activos digitales...more

Foodman CPAs & Advisors

Digital Assets 2023 Form 1040

On 1/22/24, the IRS reminded taxpayers that they must again answer the digital asset 2023 question on Forms 1040 and 1040-SR and report all digital asset related income when they file their 2023 federal income tax return, as...more

Foodman CPAs & Advisors

Filing 2022 Taxes: Best To Get Ready Now

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

Foodman CPAs & Advisors

Digital Assets 2022 US Tax Form Instructions

Foodman CPAs & Advisors on

In an early release (10/17/18) of Draft IRS Tax Forms 1040 and 1040-SR Instructions, the IRS has provided U.S. Taxpayers digital assets holders a bit more clarity about how to report digital assets on their 1040 income tax...more

Foodman CPAs & Advisors

Form 1040 2022 Draft: IRS Changes Crypto Question

On 9/1/22, the IRS posted Form 1040 2022 Draft. Form 1040 is the U.S. Individual Income Tax Return and since tax year 2019, Form 1040 has been asking taxpayers about their virtual currency doings on the front page. Form...more

Miller Nash LLP

Today In Tax: Uncertainties Surrounding Cryptocurrencies, Mining, NFTs, and More

Miller Nash LLP on

While the number of cryptocurrencies and other blockchain-based assets continue to grow, the IRS’s published guidance is inadequate in addressing how to tax these new digital assets and transactions involving them....more

McDermott Will & Emery

NFTs and Charitable Fundraising: Navigating Tax Hurdles

McDermott Will & Emery on

As the creation of and transactions involving non-fungible tokens (NFTs) have increased dramatically, so has interest in using NFTs as donations to charitable organizations and for other charitable fundraising tools. Given...more

Fenwick & West LLP

Senate Passes Infrastructure Bill Including Language on Digital Assets and Reporting of Crypto Transactions

Fenwick & West LLP on

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

Roetzel & Andress

IRS Asks Major Crypto Exchange For Users’ Identities And Data

Roetzel & Andress on

Earlier this month, the United States District Court, Northern District of California approved the Internal Revenue Service’s (IRS) request to execute a “John Doe” summons on the parent company of popular cryptocurrency...more

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