Tag Archives: IRS

DOJ and IRS May Soon Begin Enforcement Actions Against Virtual Currency Tax Fraudsters

By John J. Carney, Andrew Serrao, Robert A. Musiala, Jeffrey H. Paravano and Nicholas C. Mowbray on October 22, 2020 Posted in Tax

In the past several years, the use and prevalence of virtual currency have increased exponentially. The proliferation of digital assets has changed the way goods and services are exchanged and has allowed for faster and cheaper transactions. But with this new technology comes the increased risk of fraudulent activity – especially tax fraud. Recently, the … Continue Reading

Foreign Regulators Issue Approvals and Guidance, SEC Enforcement Continues, Blockchain Trade Groups File Amicus Briefs, Reports Detail Terrorist Financing Risks

By Veronica Reynolds, Joanna F. Wasick, Teresa Goody Guillén and Simone O. Otenaike on January 24, 2020 Posted in Blockchain, ICOs, Securities & Exchange Commission

In this issue: • New Approvals From European and Thai Regulators, Canada and WEF Publish Guidance • SEC Targets ICOs, IRS Updates Crypto FAQs, UK Tax Agency Seeks Blockchain Analytics Tool • Chamber of Digital Commerce and Blockchain Association Weigh In on SEC v. Telegram • Reports Address Cryptocurrency Terrorist Financing Risks New Approvals From … Continue Reading

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