On Jan. 16, 2024, the U.S. Treasury Department and the Internal Revenue Service (IRS) announced the delay of the requirement for persons engaged in a trade or businesses to report
Continue Reading Delay on Reporting Digital Asset Transactions
Virtual Currencies, Digital Assets & the Law
Pallav Raghuvanshi focuses his practice on U.S. and international tax matters in the context of corporate restructurings and cross-border mergers and acquisitions. He is experienced handling spin-off transactions for large multinational companies, various inbound and outbound transactions involving issues related to foreign tax credits, tax treaties, controlled foreign corporations, and other international reorganization issues. He also handles U.S. federal tax aspects of initial coin offering / first token sales and other tax-related issues on blockchain technology and cryptocurrencies.
On Jan. 16, 2024, the U.S. Treasury Department and the Internal Revenue Service (IRS) announced the delay of the requirement for persons engaged in a trade or businesses to report…
Continue Reading Delay on Reporting Digital Asset TransactionsOn Aug. 25, 2023, the Internal Revenue Service (IRS) and the Treasury Department issued proposed regulations (the Proposed Regulations) regarding the sales or exchanges of digital assets, including…
Continue Reading Treasury and IRS Issue New Proposed Regulations on Digital AssetsTo address the tax implications for taxpayers who stake cryptocurrency on a proof-of-stake blockchain and receive validation rewards, on July 21 the Internal Revenue Service (IRS) issued Revenue Ruling 2023-14…
Continue Reading IRS Clarifies Taxation of Staking Crypto RewardsThe IRS has not issued any clear guidance on the taxation of staking rewards. In 2014, the IRS issued Notice 2014-21, which provides that cryptocurrency is treated as property for…
Continue Reading A Recent Court Case Leaves Many Speculating on the Taxation of Staking Rewards
The U.S. Senate passed its infrastructure bill (the “Bill”) that includes additional cryptocurrency reporting requirements, which are expected to generate $28 billion in revenue. The Bill currently does not provide…
Continue Reading UPDATED: Infrastructure Bill Contains New Cryptocurrency Reporting Requirements
In November, IRS Office of the Associate Chief Counsel attorney Suzanne Sinno said taxpayers cannot defer taxes on exchanges of cryptocurrency, even for transactions that occurred before 2018. Speaking at…
Continue Reading IRS Confirms Pre-2018 Crypto Exchanges Are Not ‘Like-Kind’
The IRS recently clarified its guidance in Rev. Rule 2019-24, noting that taxpayers must pay income tax on new coins they receive after a transaction in which one cryptocurrency…
Continue Reading IRS Clarifies Guidance on Hard Fork Transactions, Offers None on Promotional Airdrops