News & Analysis as of November 19, 2024

Internal Revenue Service

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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 -

Legislation: Cryptocurrency Staking Rewards Taxed at Time of Sale

McGlinchey Stafford on 5/7/2024

Proposed federal legislation would move the time of taxation for rewards received from staking cryptocurrency and other digital assets to the time of sale. IRS guidance currently provides that staking rewards are taxed at the...more

IRS Holds That Crypto Staking Rewards are Taxable Income

Cadwalader, Wickersham & Taft LLP on 8/23/2023

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

When Are My Rewards for Staking Cryptocurrency Taxed?

McGlinchey Stafford on 8/2/2023

The IRS recently released Revenue Ruling 2023-14, in which it addresses the tax treatment of cryptocurrency staking rewards. The IRS phases the issue as follows: If a taxpayer that uses a cash method of accounting...more

Tax Losses Realized During the Crypto Winter

Rivkin Radler LLP on 1/20/2023

Debacle- Understanding the etymology of a word often enables us to better understand or appreciate its use in contemporary speech. For example, the word “crypto” is derived from the Greek word “krypto,” which describes...more

IRS Announces New Crypto Reporting Requirements

McGlinchey Stafford on 5/27/2021

On May 20, 2021, the IRS announced that “businesses that receive crypto assets with fair market value of more than $10,000” will need to be reported. In short, there will be a new layer of significant crypto-sphere reporting...more

Special Report - A Primer on Charitable Contributions of Virtual Currency

McDermott Will & Emery on 5/18/2021

The explosive growth in virtual currency (also referred to as cryptocurrency, digital assets, tokens and digital currency) is evidence of increasing popularity and acceptance of it as a new investment asset class. With the...more

IRS Issues Guidance Regarding Virtual Currency Transactions

Skadden, Arps, Slate, Meagher & Flom LLP on 10/18/2019

On October 9, 2019, the Internal Revenue Service (IRS) issued long-awaited guidance relating to transactions involving virtual currencies, such as cryptocurrencies. Aligned with the agency’s continuing efforts to enforce tax...more

IRS answers some, but not all, questions in long-awaited cryptocurrency guidance

Proskauer - Tax Talks on 10/18/2019

The first official guidance on the taxation of cryptocurrency transactions in more than five years has been issued. The guidance includes both a Revenue Ruling (Rev. Rul. 2019-24, 2019-44 I.R.B. 1) and answers to...more

IRS Issues Virtual Currency Tax Guidance on Forks and Airdrops

A&O Shearman on 10/16/2019

On October 9, 2019, the Internal Revenue Service (the “IRS”) issued Revenue Ruling 2019-24 (the “Revenue Ruling”) and questions and answers (the “Q&A” and, together with the Revenue Ruling, the “Guidance”) addressing certain...more

IRS Issues Long-Awaited Cryptocurrency Guidance in Revenue Ruling 2019-24 and New FAQs

Fenwick & West LLP on 10/14/2019

On October 9, 2019, the IRS released Revenue Ruling 2019-24, which provides guidance with respect to hard forks and airdrops of cryptocurrency, and new frequently asked questions (FAQs), which provide guidance on other...more

Cryptocurrency Tax Guidance Expected Soon

Burr & Forman on 6/12/2019

The Internal Revenue Service (“IRS”) will be releasing guidance on the tax treatment and reporting requirements of “virtual currencies” (i.e., cryptocurrencies) very soon, according to Internal Revenue Service Commissioner...more

Lo que sabemos sobre el Cumplimiento Crypto y los impuestos federales de los EE. UU.

Foodman CPAs & Advisors on 10/5/2018

La última Notificación emitida por el IRS sobre Criptomoneda fue el Aviso 2014-21 publicado el 25 de Marzo del 2014 que brinda orientación en forma de respuestas a preguntas frecuentes (“Frequently Asked Questions”). ...more

Taxation of Virtual Currency Transactions

Snell & Wilmer on 4/3/2018

With the use of virtual currency on the rise, questions emerge as to how virtual currency transactions are taxed. The IRS has issued guidance regarding the tax consequences of such transactions, answering some questions but...more

Many are now looking for IRS Guidance on Virtual Currency

Foodman CPAs & Advisors on 12/27/2017

Due to its unprecedented level of value appreciation, Bitcoin investors, consumers and businesses are looking for IRS Guidance. IRS recognizes that “virtual currency” may be used to pay for goods or services, or be held for...more

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