Tag Archives: IRS

Alert: IRS Issues New Guidance and FAQs on Virtual Currencies

By Nicholas C. Mowbray, Robert A. Musiala, Betsy Smith, Laura E. Jehl and Brian Davis on October 10, 2019 Posted in Cryptocurrency

On Oct. 9, the Internal Revenue Service (IRS) issued additional guidance regarding the taxation of cryptocurrency. The guidance comes more than five years after the IRS issued Notice 2014-21, the first and, until now, only official guidance regarding cryptocurrency. Revenue Ruling 2019-24 (the Revenue Ruling) reaffirms that virtual currency is treated as property and does … Continue Reading

Blockchain Applications for Enterprise and Payments Evolve, New Legislation Proposed, Mining Malware Surges and a Bitcoin Bug Is Fixed

By Robert A. Musiala, Jaime B. Petenko, Diana Stern, Heather K. P. Fincher and Brian P. Bartish on September 28, 2018 Posted in Blockchain, Cryptocurrency, ICOs

In this issue: • Blockchain Initiatives Pursue Solutions for Refugees, Voting, Smart Cities, Defense and Food Safety • Cryptocurrency Legal Developments: Tax, Proposed Legislation, AML and CFTC • Enforcement Actions Continue, Cryptomining Malware Surges, Token Values Fall • Blockchain Payments Products Advance, Investments Continue and a Bitcoin Bug Is Fixed Blockchain Initiatives Pursue Solutions for … Continue Reading