Blockchain and the Law
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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
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
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