Newly created cryptocurrency tokens dilute the holdings of existing token owners. If block rewards are taxable income at their fair market value at the time acquired, token holders’ income will...
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...
Cryptocurrency networks have no dollars or other real currency to be spent on their own maintenance. Instead, newly minted cryptocurrency tokens are used to encourage people to help maintain the...
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...
On May 16th, in response to a letter from 21 members of Congress, IRS Commissioner Charles P. Rettig wrote, “I share your belief that taxpayers deserve clarity on basic issues...
In a new letter, the IRS Commissioner said he has “made it a priority” to issue additional guidance on crypto taxation. Last week, Commissioner Charles Rettig responded to an April...
Today, 21 members of Congress, led by Rep. Tom Emmer, sent a letter asking the agency to issue needed guidance on the tax consequences and basic reporting requirements for taxpayers...
Last week we released a report, A Duty to Answer: Six Basic Questions and Recommendations for the IRS on Crypto Taxes, which examines the state of crypto tax policy in...