Blockchain and the Law
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Biden Administration Proposes Changes to the Taxation of Cryptocurrency Transactions

By Robert A. Friedman, Martin T. Hamilton, David S. Miller, Amanda H. Nussbaum, Stuart Rosow and Rita N. Halabi on Posted in Cryptocurrencies, IRS, Tax
On March 28, 2022, the Biden Administration proposed certain very limited changes to the taxation of cryptocurrency transactions. The proposals do not change the current treatment of cryptocurrency as property for federal income tax purposes, and do not address any of the fundamental tax issues that cryptocurrency raise. Read the full post on our Tax … 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 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
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