Blockchain and the Law

Tag Archives: IRS Guidance

Treasury Department Steps Up Its Counter-Ransomware Efforts and Simultaneously Issues New Sanctions Compliance Guidance for Virtual Currency Industry

By Seetha Ramachandran and Peter Cramer on Posted in AML/KYC, Cryptocurrencies, Cybersecurity, FinCEN
Recently, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury Department, released a report on ransomware trends stating that during the first half of 2021, 68 different ransomware variants extracted approximately $600 million from victims across the country. FinCEN identified Bitcoin as the most common ransomware-related payment method in reported transactions and … Continue Reading

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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