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Virtual Currency › Digital Assets › Reporting Requirements

Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender... more +
Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender status, Virtual Currency is still traded and exchanged in some environments, typically online environments or communities. Bitcoin is the most well-known form of Virtual Currency.    less -
Carey Olsen

A guide to blockchain and cryptocurrency regulation 2024: British Virgin Islands (GLI chapter)

Carey Olsen on

Chris Duncan and Katrina Lindsay have authored the British Virgin Islands (BVI) chapter of Global Legal Insight's sixth edition guide to blockchain and cryptocurrency regulation. The chapter covers the BVI legal requirements...more

McGlinchey Stafford

TIGTA Reports: Virtual Currency Tax Compliance Enforcement Can Be Improved

McGlinchey Stafford on

The number of virtual currency types has added to this problem. According to TIGTA, the number of virtual currencies has grown significantly since April 2020, from 5,000 to over 26,000 (420 percent) as of July 2023. The two...more

Foodman CPAs & Advisors

Activos Digitales 2023 Formulario 1040

Foodman CPAs & Advisors on

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

Cadwalader, Wickersham & Taft LLP

Treasury Cries “Uncle” to Crypto Industry: Crypto Reporting Delayed

Cadwalader, Wickersham & Taft LLP on

On January 16th, the IRS published Announcement 2024-4 (the “Announcement”), postponing certain reporting requirements for large crypto transactions which were set to go into effect for the 2024 tax year.  Persons engaged in...more

Cadwalader, Wickersham & Taft LLP

IRS Holds That Crypto Staking Rewards are Taxable Income

Cadwalader, Wickersham & Taft LLP on

The Internal Revenue Service (“IRS”) recently issued guidance in Revenue Ruling 2023-14, holding that taxpayers who stake their cryptocurrency and receive additional units of cryptocurrency as rewards when validation occurs...more

Proskauer - Tax Talks

Recent Legislative Proposals and IRS Guidance on the Taxation of Digital Assets

Proskauer - Tax Talks on

This blog post summarizes recent federal bills that have been introduced (but not yet passed), proposals by the Biden Administration, and guidance issued by the Internal Revenue Service with respect to the taxation of digital...more

Cadwalader, Wickersham & Taft LLP

IRS Gets Serious About Digital Asset Reporting by Individuals

Cadwalader, Wickersham & Taft LLP on

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

Foodman CPAs & Advisors

Digital Assets 2022 Form 1040 Question Checklist

Foodman CPAs & Advisors on

Form 1040 2022 changes the crypto terminology from “virtual currency” to “digital assets”. The purpose of the change in terminology could be interpreted as a “head up” to taxpayers that the IRS is looking more closely as...more

Morrison & Foerster LLP

Global Developments in the Taxation and Reporting of Digital Assets

Morrison & Foerster LLP on

Just 10 years ago, only your millennial, techie cousin had ever heard of, let alone purchased, any cryptocurrency. Fast forward to 2021, and the volume of cryptocurrency transactions has grown to $15.8 trillion....more

Oberheiden P.C.

Tokenization Lawyer – 5 Reasons Why You Might Need One

Oberheiden P.C. on

What is Tokenization? Tokenization is the process of converting an asset into a token on the blockchain. It operates by dividing—or fractionalizing—the ownership of an asset (whether the asset is a piece of real estate or...more

Proskauer - Blockchain and the Law

Congress and the IRS Make Moves to Improve Taxpayer Compliance for Cryptocurrency Transactions

Proskauer - Blockchain and the Law on

IRS Commissioner Charles Rettig, testifying before Congress in April 2021, estimated the gap between taxes owed and taxes collected in the United States to be close to $1 trillion....more

A&O Shearman

Crypto asset providers – Italian regime finally decrypted

A&O Shearman on

On 17 February 2022, the Ministry of Economy and Finance Decree (the MEF Decree) entered into force and lays out the procedure which entities acting as virtual asset service providers (VASPs) and e-wallet service providers...more

Dechert LLP

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

Dechert LLP on

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

Skadden, Arps, Slate, Meagher & Flom LLP

FinCEN Proposes New Reporting, Recordkeeping and Verification Requirements for Transactions Involving Unhosted Wallets

Skadden, Arps, Slate, Meagher & Flom LLP on

On January 7, 2021, the original 15-day comment period ended for a proposed rule announced by the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) that would impose new reporting, recordkeeping...more

Latham & Watkins LLP

FinCEN Looks to Rein In Cryptocurrency Transactions

Latham & Watkins LLP on

A new proposal would subject financial institutions and exchanges to onerous recordkeeping and reporting requirements for certain digital currency transactions. In a surprise release in the waning days of the Trump...more

Eversheds Sutherland (US) LLP

FinCEN proposes new recordkeeping, verification, and reporting requirements for transactions involving virtual currency and...

Eversheds Sutherland (US) LLP on

On December 18, 2020, the Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking (NPRM) to establish new requirements for convertible virtual currency (CVC) and legal tender digital asset (LTDA)...more

Orrick - On the Chain

IRS Hints at Form 8938 Requirements for Reporting Crypto Assets Held at a Foreign Exchange

Orrick - On the Chain on

With the emergence of digital assets, the question has arisen whether digital assets held in “wallets” in foreign exchanges need to be reported on Internal Revenue Service (IRS) Form 8938, Statement of Specified Foreign...more

UB Greensfelder LLP

Why Is FINRA So Interested In Your Non-Securities Business?

UB Greensfelder LLP on

Rightly or wrongly, I don’t know much about cryptocurrencies or digital coins. But that’s ok. What is worrisome, on the other hand, is that I am increasingly concerned that FINRA doesn’t either. And while my own ignorance...more

Katten Muchin Rosenman LLP

Corporate & Financial Weekly Digest, Featuring Articles on New FINRA Guidance on Public Offering Review Process, Final Results of...

Katten Muchin Rosenman LLP on

BROKER-DEALER - FINRA Publishes Notice to Members Encouraging Continued Disclosure of Digital Assets Activities – On July 18, the Financial Industry Regulatory Authority (FINRA) published Regulatory Notice 19-24...more

Foodman CPAs & Advisors

Tax Time and Virtual Currency

Foodman CPAs & Advisors on

Virtual Currency (VC) investors continue to have accounting challenges at tax time. They are seeking to better understand and comply with their U.S. tax regulatory obligations when using VC. ...more

Proskauer - Blockchain and the Law

When Filing Taxes, Don’t Forget Virtual Currency Income

Proskauer - Blockchain and the Law on

In a March 23 news release, the IRS reminded taxpayers that income from virtual currency transactions must be reported on income tax returns, and that certain virtual currency transactions are taxable like any other property...more

Proskauer - Tax Talks

Income, from Whatever Exchange, Mine, or Fork Derived: The Basics of U.S. Cryptocurrency Taxation

Proskauer - Tax Talks on

In this first of (we hope) many posts on the interesting and myriad tax issues arising in the world of cryptocurrency and blockchain technology, we focus on the very basic U.S. federal income tax consequences of...more

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