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. […]
As the world of digital assets continues to evolve, many investors and users of cryptocurrencies find themselves navigating the complexities of the tax landscape. One such complexity involves the tax implications of holding a cryptocurrency that undergoes a protocol upgrade, specifically a change in the consensus mechanism. This scenario describes the ETH merge (the Merge) […]
In a recent development, the Internal Revenue Service (IRS) has issued Notice 2023-27, which announces its intention to provide guidance on the treatment of specific nonfungible tokens (NFTs) as collectibles under §408(m) of the Internal Revenue Code. This treatment is relevant for other purposes of the Code, including the long-term capital gains tax rate under […]