DeFi and Taxes, Very Briefly
Navigating Your Tax Obligations in the World of Decentralized Finance
Navigating Your Tax Obligations in the World of Decentralized Finance
The realm of cryptocurrency taxation is witnessing a significant shift with the introduction of new broker reporting regulations under IRC §6050I. While these regulations aim to enhance tax compliance and curb illicit activities, they bring forth a complex interplay between the need for regulatory oversight and the preservation of innovation in the U.S. cryptocurrency sector. […]
Recently, the IRS made headlines by announcing a temporary halt in processing new claims related to the Employee Retention Credit (ERC) program. The reasoning? Rising concerns over improper claims. For the past 2+ years, we have seen many businesses being taken advantage of by so-called “ERC mills.” These are companies set up ostensibly to help […]
The IRS has proposed new regulations that would impose far-reaching reporting requirements on brokers of digital assets like cryptocurrency. The proposed rules aim to increase visibility into crypto transactions for tax compliance purposes. If finalized as proposed, the regulations would take effect starting in 2025. This post summarizes some of the key changes. Expanded Definition […]
Rev Rul 2023-14 confirms staking rewards are included in taxable income
Recently, the cryptocurrency space has grown exponentially, with digital assets becoming a significant part of the financial landscape. As this new financial realm continues to evolve, so does the need for clear tax guidance on various aspects of cryptocurrency transactions. One area of interest to many cryptocurrency holders is charitable contributions made using digital assets. […]