Tax Practice Shareholder Pallav Raghuvanshi is quoted in an April 29 Thomson Reuters Checkpoint article titled “The Long Read: Catching Up With Crypto.”
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Continue Reading Pallav Raghuvanshi Quoted in Thomson Reuters Article, ‘The Long Read: Catching Up With Crypto’
The IRS has published guidance stating that pre-2018 swaps among Bitcoin, Ether, and Litecoin are not eligible for 1031 tax-free exchange treatment. This means that investors who made swaps among
Continue Reading IRS Says No Tax-Free Exchange Treatment for Swaps of Bitcoin, Ether, and Litecoin
On May 20, 2021, the Treasury Department released a report that proposes new reporting requirements for transactions, including cryptocurrency transactions. Under the proposed plan, financial institutions, payment settlement entities, and
Continue Reading The Biden Administration Proposes New Cryptocurrency Reporting Rules
Recent John Doe summonses show the IRS is expanding its use of those summonses to aggressively investigate potential tax evasion. Within the past week, the IRS has received authorization to
Continue Reading The IRS Continues Aggressive Use of John Doe Summonses to Investigate Tax Evasion Related to Use of Cryptocurrency, Offshore Service Providers
Non-fungible tokens (NFTs), which can be used as a medium for art, music, video clips, trading cards, and other collectibles have recently become hot investments. Although no state tax agency
Continue Reading State Sales Tax on Sale of Non-Fungible Tokens (NFTs) – Questions and Answers
Taxpayers that have engaged in cryptocurrency transactions should be aware that the Internal Revenue Service is seeking customer records from cryptocurrency exchanges. The Department of Justice recently filed petitions in
Continue Reading IRS Actively Seeking Information Regarding Cryptocurrency Via John Doe Summonses
IRS Warns Cryptocurrency Investors That They May Owe Tax Money
The Internal Revenue Service announced on July 26 that it has begun sending letters to taxpayers with virtual currency (also
Continue Reading 2 Tax Updates from GT’s Blockchain & Cryptocurrency Newsletter – Spring/Summer 2019
Many blockchain companies are using a largely unregulated means of raising funds, commonly known as an initial coin offering (ICO).[1] An ICO consists of the issuance of a newly
Continue Reading Token Issuers and Purchasers, Beware: The IRS May Tax Each Time Tokens are Used