Kathleen R Semanski
Kathleen R. Semanski is an associate in the Tax Department.
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IRS Commissioner Charles Rettig, testifying before Congress in April 2021, estimated the gap between taxes owed and taxes collected in the United States to be close to $1 trillion. While there is some debate as to how much lax reporting on cryptocurrency transactions contributes to this so-called “tax gap,” with a market capitalization hovering at … Continue Reading
In October of 2019, the U.S. Internal Revenue Service issued the first new guidance on the taxation of cryptocurrency transactions in over five years (the “Guidance”). The Guidance comprising a revenue ruling (Rev. Rul. 2019-24) and answers to frequently asked questions on the taxation of cryptocurrency transactions published on the IRS’s website. This post discusses … Continue Reading
The first official guidance on the taxation of cryptocurrency transactions in more than five years has been issued. The guidance includes both a Revenue Ruling (Rev. Rul. 2019-24, 2019-44 I.R.B. 1) and answers to Frequently Asked Questions on Virtual Currency Transactions (the “FAQs,” together with Revenue Ruling 2019-24, the “Guidance”) was issued on October 9, 2019 by … Continue Reading
A U.S. federal district court judge on Tuesday, November 29 ordered Coinbase Inc., the largest cryptocurrency exchange and storage platform in the world, to provide information about certain of its account holders to the U.S. Internal Revenue Services (IRS). Information pertaining to as many as 14,355 account holders and 8.9 million transactions could be covered … Continue Reading
In this first of (we hope) many posts on the interesting and myriad tax issues arising in the world of cryptocurrency and blockchain technology, we focus on the very basic U.S. federal income tax consequences of cryptocurrency transactions. The following is a very high-level discussion of the consequences generally applicable to U.S. individual holders of … Continue Reading
Congress and the IRS Make Moves to Improve Taxpayer Compliance for Cryptocurrency Transactions
By Jeremy Naylor, Kathleen R Semanski and Rita N. Halabi on Posted in Cryptocurrencies, IRS, Tax
IRS Officials Discuss Promotional Airdrops, Pre-2018 Crypto-for-Crypto Exchanges, and Other Issues Not Addressed in Recent Tax Guidance
By Jeremy Naylor and Kathleen R Semanski on Posted in Cryptocurrencies, FinCEN, IRS, Tax
IRS Answers Some, but Not All, Questions in Long-awaited Cryptocurrency Guidance
By Jeremy Naylor, Kathleen R Semanski and Michael Fernhoff on Posted in Cryptocurrencies, IRS, Tax
U.S. Court Orders Coinbase to Share Information about Account Holders with the IRS but Limits to Transactions over $20,000
By Kathleen R Semanski on Posted in Bitcoin, Cryptocurrencies, IRS, Litigation: Civil, Tax
