Cryptocurrency Update
The Infrastructure Investment and Jobs Act of 2021 (IIJA) was signed into law on Nov. 15, 2021. The IIJA includes IRS information reporting requirements that will require cryptocurrency exchanges to perform intermediary Form 1099 reporting for cryptocurrency transactions. Generally, these...
Read moreWhat is a “Virtual currency”?
“At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? The IRS is now asking all taxpayers to disclose whether or not they had any interest in “virtual currency”…
IRS Issues New Guidance on Cryptocurrency
The Internal Revenue Service (IRS) has just published its first guidance since 2014 on the taxation of cryptocurrency. Revenue Ruling 2019-24 deals primarily with the tax treatment of forks and airdrops. The IRS also released a list of…
