Tag Archives: IRS

Financial Firms Launch New Crypto Products, NFTs Trending, Crypto Exchange Acquires Broker-Dealer, SEC, DOJ, IRS and CFTC Actions Target Crypto Actors

By Jordan R. Silversmith, Veronica Reynolds, Joanna F. Wasick, Keith R. Murphy and Robert A. Musiala on April 2, 2021 Posted in Bitcoin, Cryptocurrency

In this issue: • US Institutional Financial Firms, and Fintech Startups, Launch Crypto Products • Creative NFT Launches and Bitcoin Giveaways Continue To Trend • US Crypto Exchange Acquires Broker Dealer, SEC Action Targets Token Sales • US Enforcement Actions Target Cryptocurrency Darknet Activities and Fraud • DOJ and IRS Actions Target Crypto Tax Evaders, … Continue Reading

NFT Sales Launch, Fintech Firms Launch Crypto Initiatives, NY DFS Approves Crypto Firms, CFTC and IRS Target Crypto Crimes, DeFi Project Hacked

By Veronica Reynolds, Robert A. Musiala, Keith R. Murphy and Joanna F. Wasick on March 12, 2021 Posted in Cryptocurrency

In this issue: • NFTs Make Headlines, Global Payments Firm Launches Cryptocurrency Unit • Cryptocurrency Payment Options Expand Across the Globe • Cryptocurrency Firms Achieve NY DFS Approvals, IRS Launches Crypto Initiative • CFTC Action Targets Crypto Market Manipulation, DeFi Hacked for $31 Million NFTs Make Headlines, Global Payments Firm Launches Cryptocurrency Unit By: Veronica … Continue Reading

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