News & Analysis as of

U.S. Treasury Brokers

Foodman CPAs & Advisors

Reportaje de Broker de Activos Digitales

El 6/28/24, el Tesoro de los EE. UU. y el IRS emitieron regulaciones finales con una fecha de vigencia del 9/9/24 que requieren que los brokers de custodia reporten las ventas e intercambios de activos digitales a partir del...more

Foodman CPAs & Advisors

Digital Assets Broker Reporting

On 6/28/24, the U.S. Treasury and the IRS issued final regulations with an effective date of 9/9/24 requiring custodial brokers to report sales and exchanges of digital assets beginning in calendar year 2025. Meaning,...more

Fenwick & West LLP

Treasury’s Crypto Tax Reporting Rules Defer on DeFi

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On June 28, 2024, the U.S. Treasury Department and the Internal Revenue Service (IRS) issued final broker reporting regulations that mandate broker reporting for centralized exchanges and hosted wallet providers, providing...more

Lowenstein Sandler LLP

SEC Expands Definitions of ‘Dealer’ and ‘Government Securities Dealer’ to Adapt to Modern Market Practices

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On Feb. 6, the Securities and Exchange Commission (SEC) announced two new rules that expanded the definition of “dealer” and “government securities dealer” under the Securities Exchange Act of 1934 (Exchange Act). These...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

Paul Hastings LLP

Digital Asset Payment Processors Will be Required to Report Consumers’ Digital Asset Transactions

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The Internal Revenue Service and Treasury Department have issued long-awaited Proposed Regulations for parties that will be required to report transactions involving digital assets. These newly identified parties will need to...more

Paul Hastings LLP

IRS Issues Proposed Regulations for Digital Asset Reporting

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The Internal Revenue Service and Treasury Department have issued long-awaited Proposed Regulations for parties that will be required to report transactions involving digital assets. These newly identified parties will need to...more

BakerHostetler

Digital Asset Broker Regulations Target DeFi Platforms and Payment Processors

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The Internal Revenue Service (IRS) and the Department of the Treasury issued a 282 page notice of proposed rulemaking regarding digital assets and broker reporting on Aug. 26 (the Proposed Regulations), nearly two years after...more

Perkins Coie

IRS Issues Proposed Regulations Relating to Digital Asset Transactions

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The U.S. Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) recently released proposed regulations (REG-122793-19) pertaining to information reporting and backup withholding, as well as basis and...more

McDermott Will & Emery

Proposed Regulations From the IRS Outline Reporting Requirements for Cryptocurrency “Brokers”

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On August 29, 2023, the Internal Revenue Service (IRS) published new proposed regulations on tax reporting requirements for cryptocurrency brokers. The proposed regulations build on efforts to expand IRS regulation over...more

Eversheds Sutherland (US) LLP

IRS issues proposed regulations for broker reporting of digital assets

On August 25, 2023, the Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued proposed regulations (88 FR 59576) that detail the information reporting requirements with respect to brokers of...more

Sullivan & Worcester

Treasury and IRS Issue Proposed Regulations for Tax Reporting Requirements on Digital Asset Transactions

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On August 29, 2023, the Department of the Treasury and the Internal Revenue Service (“IRS”) published proposed regulations that, if finalized, would require brokers (including digital asset trading platforms, digital asset...more

Lowenstein Sandler LLP

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

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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

Fenwick & West LLP

IRS Releases Proposed Regulations on Digital Asset Transaction Reporting

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On Friday, August 25, 2023, the U.S. Treasury Department (Treasury) released proposed regulations interpreting the broker reporting rules for digital assets that were part of the 2021 Infrastructure Investment and Jobs Act...more

Morgan Lewis

Digital Asset Brokers: Proceed with Caution

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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

Paul Hastings LLP

IRS Delays Reporting Requirements on Digital Assets for “Brokers” But Not Businesses that Receive Digital Assets in Excess of...

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The Infrastructure Investment and Jobs Act (H.R. 3684), (“Infrastructure Law”) was passed in 2021, and contained two provisions that target the reporting of digital assets....more

Foodman CPAs & Advisors

El Proyecto De Ley “FATCA Recíproca” Cambiará Las Reglas Del Juego

Bajo el concepto de “FATCA recíproca”, las instituciones financieras y los corredores deben comenzar a prepararse para asumir mayores y más amplias responsabilidades de reportaje. Como partes interesadas de FATCA, las...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

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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

Morrison & Foerster LLP

New Cryptocurrency Reporting Requirements

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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

Goodwin

Agent Fee Suits and PPP Loans: Clarity Could Be Coming

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During a House Financial Services Committee (HFSC) oversight hearing on June 30, 2020, Treasury Secretary Steven Mnuchin hinted that clarification may be coming on whether agents helping small businesses apply for Paycheck...more

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