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.
IRS releases a memo that helps clarify its stance on hard forks.
IRS releases IRS Legal Memorandum (ILM) 202114020, which provides a helpful discussion of a typical hard fork event, as that term is understood within the cryptocurrency community. By contrast, in its October 2019 guidance (Rev. Rul. 2019-24, IRB 2019-44 p. 1004), the IRS described [...]
HMRC publishes cryptoasset taxation manual and guidance on “staking.”
The UK tax authority publishes a new cryptoasset taxation manual comprising previous advice and new guidance on the tax treatment of “staking” activities carried out by businesses and individuals. The manual incorporates policy papers published in 2018 and 2019 for individuals and businesses holding [...]
