IRS is advised to reconsider creating amnesty program for cryptocurrency.
Practitioners suggest that the IRS should reconsider its position on having a voluntary disclosure program for cryptocurrency. “I think the IRSwould be remiss if it didn’t go back and look at that again,” Mishkin Santaof the Wolf Group PC said on an August 24 webinar hosted by the District [...]
2021 WGCA Client Tax Return Engagement Letter
Dear Client: We look forward to providing you with tax return preparation services this year! The purpose of this letter and attached “Additional Engagement Terms” is to specify the terms of our engagement and clarify the nature and extent of the services we [...]
US Senate passes bill that expands cryptocurrency reporting requirements.
The Senate votes 69-30 to advance the Infrastructure Investment and Jobs Act (H.R. 3684). The bill contains Section 80603, which would broadly expand information reporting requirements and the definition of broker for certain cryptocurrency providers. The bill largely follows the Treasury proposals from May [...]
US lawmakers seek an expanded definition of “broker.”
Bipartisan co-chairs of the Blockchain Caucus send a letter to the House of Representatives asking them to take up the issue of the expanded definition of “broker” under Section 80603. The letter states that noncustodial blockchain technology providers like validators and software developers are [...]
IRS asserts that like-kind exchange rules cannot be applied to cryptocurrency trades.
The IRS issues IRS Legal Memorandum 202124008 and asserts that Bitcoin-Ether trades and swaps of either currency for Litecoin were not eligible for Section 1031 like-kind exchange treatment before the Tax Cuts and Jobs Act of 2017 restricted that provision to real property.
US lawmakers seek changes to tax form for charitable contributions of cryptocurrency.
A bipartisan group of seven lawmakers asks the IRS to amend Form 8283 so that a taxpayer making a charitable contribution using cryptocurrency can report the donation value under Section A as they would do for securities or other assets with readily ascertainable price [...]
