US attorney organization issues guidance on cryptocurrency basis and accounting methods.
The American Bar Association Tax Section provides guidance on the basis calculation of cryptocurrency and when change of accounting method rules may apply.
Wall Street Blockchain Alliance seeks IRS guidance on additional topics.
The Wall Street Blockchain Alliance (WSBA) submits a comment letter to the IRS in January seeking guidance on issues not addressed in Rev. Rul. 2019-24, 2019-44 IRB 1004, and accompanying FAQs.
IRS confirms that crypto question on individual tax return could be used to identify criminals.
The IRS Criminal Investigation division indicates it could use data from the cryptocurrency checkbox on the 2019 Form 1040, Schedule 1, in its ongoing effort to use analytics to help identify tax criminals.
US attorneys seek expanded IRS guidance on cryptocurrency network structures.
The New York State Bar Association’s Tax Section submits a report highlighting technical aspects of cryptocurrency network structures and market operations covered under Rev. Rul. 2019-24 and requesting that the guidance be clarified in light of the technical operations of those
HMRC seeks software and service providers to track cryptocurrency transactions.
The UK revenue agency HMRC issues a contract to bid for software that will allow it to track digital currency transactions and identify service providers that are using supposedly unbreakable blockchain technology.
US court allows the IRS to seek limited cryptocurrency data from Coinbase.
A California federal magistrate judge recommends that a court uphold an IRS summons seeking data on an individual’s Coinbase Inc. holdings but narrow the date range of the information requests.
US physician is sentenced to prison time for hidden cryptocurrency assets and income.
A Pennsylvania anesthesiologist is sentenced to 30 months in prison for concealing assets and income from the IRS in offshore bank accounts, cryptocurrency, and gold for a total tax loss to the United States of $900,000.
IRS allows private letter rulings when cryptocurrency guidance falls short.
The IRS will announce it will consider private letter rulings to address cryptocurrency questions not covered in the Agency’s October 2019 guidance.
IRS expands its cryptocurrency FAQs related to charitable contributions.
The IRS adds two questions to its list of frequently asked questions (FAQs) on virtual currency transactions for taxpayers who hold virtual currency as a capital asset, providing information on donor acknowledgment and reporting requirements for charities that accept virtual currency donations.
Bithumb faces penalty for unpaid withholding tax.
Bithumb, a major South Korean cryptocurrency exchange, is assessed a KRW 80.3 billion (around $69 million) tax assessment for unpaid withholding tax.
