The Virtual Currency Tax Fairness Act of 2022 was introduced with bipartisan sponsors in Congress today. It would create a sensible de minimis exemption for low value cryptocurrency transactions in...
Last year, Joshua Jarrett sued the IRS for a refund. In 2019 he earned block rewards on proof-of-stake networks, paid taxes as if those rewards were income (as per the...
Much has been said of the dangerously ambiguous revised definition of “broker” in the infrastructure bill and its potential to stifle cryptocurrency innovation in the U.S. There is, however, another...
We’re often asked what our ideal regulatory environment would be for Bitcoin and cryptocurrencies like it. A few years ago, in a regulatory submission to the Indian Ministry of Finance,...
A bipartisan group of members of Congress have sent a letter to the Internal Revenue Service asking that staking rewards for validators in proof-of-stake networks be taxed when sold rather...
The Virtual Currency Tax Fairness Act of 2020 was introduced with bipartisan sponsors in Congress today. It would create a sensible de minimis exemption for low value cryptocurrency transactions in...
In October the IRS released long overdue answers to pressing questions about how Americans can properly calculate their taxes owed for various cryptocurrency activities. Unfortunately, that guidance is muddled, raises...
Last week we published our analysis of the recently released IRS guidance. Our biggest concern with that guidance was that it incorrectly described how forks and airdrops occur, and therefore...
The IRS has finally released new guidance on cryptocurrency tax treatment and it’s a mixed bag with one very bad consequence. Last April, we published a report calling for guidance...
On July 26, the IRS announced it was sending “educational” letters to more than 10,000 taxpayers that the agency suspects “failed to report income and pay the resulting tax from...