Kentucky H.B. 230, as signed into law, incorporates definitions and tax exemption application procedures regarding commercial cryptocurrency mining into the state tax code.
The Danish Tax Agency announces it collected $4.9 million in unpaid taxes as a result of 541 investigations of crypto traders that dealt in Bitcoin, Ethereum, and Ripple.
In Harper v. Rettig, No. 1:20-cv-00771 (D.N.H. 2021), James Harper contends he had a contractual expectation with cryptocurrency exchanges that his data would not be shared without due process, while the Justice Department asserts that Harper sacrificed any privacy claims by transacting with third [...]
In Notice 2020-2, the US Financial Crimes Enforcement Network (FinCEN) says it will propose to amend regulations regarding foreign bank account reports (FBARs) to include virtual currency accounts as a type of reportable account.
Amir Bruno Elmaani, known online as “Bruno Block,” hid the vast bulk of his income from the initial coin offering of Pearl tokens behind nominees, while spending millions. The Justice Department announces Elmaani’s indictment in United States v. Elmaani, No. 20-cr-661 (S.D.N.Y. 2020), on [...]
The US Government files a motion in a US District Court seeking the dismissal of an individual’s suit that alleged the government illegally obtained information regarding his virtual currency transactions and that sought declaratory and injunctive relief, arguing that the court lacks jurisdiction, and [...]
The Government files a motion in a US district court seeking the dismissal of an individual’s suit that alleged the government illegally obtained information regarding his virtual currency transactions and that sought declaratory and injunctive relief, arguing that the court lacks jurisdiction, and the [...]
Suzanne Sinno, IRS Office of Associate Chief Counsel, indicates that the IRS has no blanket policy against issuing private letter rulings (PLRs) regarding the tax treatment of virtual currency transactions.
A US District Court, adopting a magistrate judge’s report and recommendation, denied an individual’s petition to quash and ordered the enforcement of an IRS summons issued to Coinbase, Inc. in its investigation of whether an individual correctly reported his cryptocurrency transactions. The court limited [...]
The IRS issues new draft instructions to Form 1040 that say, “A transaction involving virtual currency does not include the holding of virtual currency in a wallet or account, or the transfer of virtual currency from one wallet or account you own or control [...]
