Zug allows payment of tax with cryptocurrency.
The Swiss canton of Zug approves paying tax liabilities of up to CHF 100,000 (around $110,000) in cryptocurrencies. The Finance Directorate’s Office calls Zug the home of “Crypto Valley.”
IRS legal memo addresses tax treatment of cryptocurrency from crowdsourcing.
The IRS issues a legal memo on taxation of virtual currency received in the crowdsourcing labor market. The IRS concludes that a taxpayer who receives convertible virtual currency in exchange for performing a microtask through a crowdsourcing platform has received consideration in exchange for [...]
New IRS Guidance Allows Owners of Foreign Trusts and Retirement Accounts to Get Past Penalties Refunded
On March 2, 2020, the IRS passed new guidance making tax filings easier for certain US taxpayers with foreign pensions, retirement accounts, and savings trusts outside the US (see Rev. Proc. 2020-17). Specifically, it created two new “safe harbors.” Taxpayers whose retirement or other [...]
Do Your Foreign Retirement Accounts Qualify for Better US Tax Treatment?
On March 2, 2020, the IRS announced two new “safe harbors” for certain US citizens, green card holders, and other US tax residents who own foreign pensions, retirement accounts, and savings trusts (see Rev. Proc. 2020-17). It also offered relief from certain penalties for [...]
IRS Gives Big Break to US Taxpayers with Pensions and Retirement Accounts Outside the US
If you own the foreign equivalent of a 401(k) plan or an IRA, then you might reasonably assume that, under US tax law, the IRS would treat your foreign account the same way it treats US 401(k)s and IRAs. You might assume that your [...]
IRS creates team to focus on virtual currency fraud.
The IRS announces an “Emerging Threat Mitigation Team” with a narrow focus to look for financial crime and fraud involving virtual currency.
US estate practitioners assign $0 value to cryptocurrency assets when private key is lost.
Estate planners report that they will not report the value of cryptocurrency on IRS Form 706 if the private key goes missing prior to death because the value of the asset would be $0.
US taxpayer challenges IRS’s right to obtain account data from cryptocurrency exchange.
A taxpayer sues the IRS claiming that it illegally seized his account information from three cryptocurrency exchanges. The taxpayer was one of the 10,000 taxpayers to receive a compliance letter from the IRS on cryptocurrency.
COVID-19 delays issuance of IRS guidance on cryptocurrency reporting.
The IRS reports that due to COVID-19, it is behind on the timeline it set to have guidance issued for IRC 6045 information reporting on virtual currency.
