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 [...]
El Salvador passes law to make Bitcoin legal tender.
El Salvador’s Legislative Assembly passes a bill making it the first country to classify Bitcoin as legal tender.
IRS discloses use of special team to address cryptocurrency tax noncompliance.
IRS Fraud Enforcement Office Director Damon Rowe notes his office’s use of an emerging threat mitigation team to investigate cryptocurrency tax noncompliance.
US proposed tax law changes include reporting of cryptocurrencies on FBAR-like form.
The US Treasury releases the “Green Book,” which contains several proposals related to cryptocurrency broker rules and a cryptocurrency “FBAR” that individuals would have to report.
Australian tax authorities announce plan to contact cryptocurrency owners.
Australian tax authorities say they will contact 100,000 taxpayers who held cryptocurrencies in prior years because many of them mistakenly believe that gains on cryptocurrency sales are tax free or taxable only when cashed in.
US court case challenges taxation of staking activities.
In Jarrett v. United States, No. 3:21-cv-00419 (M.D. Tenn. 2021), Joshua Jarrett claims that the tokens he received in 2019 validating transactions in the cryptocurrency Tezos via a process called staking are not subject to tax. He argues that he created the tokens he [...]
US proposed legislation seeks to protect taxpayers until IRS issues guidance on forked assets.
Rep. Tom Emmer, R-Minn. introduces legislation to prohibit penalties against taxpayers attempting to report certain gains or losses on “forked assets” until the IRS issues sufficient guidance on how to do so.
US District Court allows IRS to collect limited data from Kraken.
A California District Court approves a narrowed request for a John Doe summons to allow the proceeding against cryptocurrency exchange Kraken to move forward.