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Timeline of News – Tax Notes on Cryptocurrency2022-02-01T14:09:46-05:00

September 2022

October 2021

August 2021

IRS is advised to reconsider creating amnesty program for cryptocurrency.

August 24th, 2021|

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 of Columbia Bar Taxation Community.

US Senate passes bill that expands cryptocurrency reporting requirements.

August 10th, 2021|

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 2021.

US lawmakers seek an expanded definition of “broker.”

August 9th, 2021|

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 not middlemen between parties to exchange, do not have customers, and have no way to collect this information. As a result, the requirements of Section 80603, as currently drafted, could drive blockchain software development, cryptocurrency mining, and similar opportunities out of the United States.  

June 2021

May 2021

US court case challenges taxation of staking activities.

May 26th, 2021|

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 received for validating transactions.

April 2021

IRS releases a memo that helps clarify its stance on hard forks.

April 9th, 2021|

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 a hypothetical situation involving a hard fork followed by an airdrop.

March 2021

HMRC publishes cryptoasset taxation manual and guidance on “staking.”

March 30th, 2021|

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 four types of cryptoassets: exchange tokens, utility tokens, security tokens, and stablecoins.  

February 2021

January 2021

December 2020

Bruno Block is indicted on tax evasion in the US.

December 9th, 2020|

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 two counts of Section 7201 tax evasion after he is arrested in West Virginia.

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