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 [...]
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 [...]
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 [...]
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.
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’s Legislative Assembly passes a bill making it the first country to classify Bitcoin as legal tender.
IRS Fraud Enforcement Office Director Damon Rowe notes his office’s use of an emerging threat mitigation team to investigate cryptocurrency tax noncompliance.