New crypto tax reporting obligations took effect on new year’s day
We wish you all a very happy new year! Unfortunately, the new year also brings a new law that is not only unconstitutional but also virtually impossible to comply with...
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A Simple Legislative Fix to Complicated Tax Rules for Personal Cryptocurrency Transactions
Existing rules for the taxation of cryptocurrency can make even the simplest of transactions a confusing ordeal to track, record, and report. A legislative fix is needed for everyday transactions,...
A Snapshot of the Current Questions and Unsettled Policy Related to Cryptocurrency Taxation
Tax issues range from general questions about how digital assets should be taxed to technical issues dealing with accounting practices and reporting obligations. Novel technological aspects of digital assets that...
The Virtual Currency Tax Fairness Act of 2022 was introduced with bipartisan sponsors in the Senate today. This is a companion to a bill with the same name that has...
Congress takes a step toward a de minimis exemption for everyday cryptocurrency transactions
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...
IRS signals retreat in court battle that could reshape block reward taxation
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...
An unworkable and arguably unconstitutional tax change tucked away in the infrastructure bill
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...
The ideal regulatory environment for Bitcoin
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,...
Congress to IRS: Proof-Of-Stake block rewards should not be taxed as income
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...
Congress takes a step toward a de minimis exemption for everyday cryptocurrency transactions
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...