In a major change in New York’s law on statutory residency, in a June 30 ruling in Obus v. New York State Tax Appeals Tribunal, the New York State
Continue Reading Greenberg Traurig Secures Win for Client in Obus v. New York State Tax Appeals Tribunal; Ruling is Major Change in New York Law on Statutory Residency
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The IRS has not issued any clear guidance on the taxation of staking rewards. In 2014, the IRS issued Notice 2014-21, which provides that cryptocurrency is treated as property for
Continue Reading A Recent Court Case Leaves Many Speculating on the Taxation of Staking Rewards
On Budget Day, 21 September 2021 (Prinsjesdag), the Dutch Ministry of Finance presented its 2022 tax plan. For the proposed bills in this plan to have effect, they
Continue Reading Dutch Presented Tax Measures for 2022
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
According to CNBC, New Jersey, New York, California, Connecticut and Illinois are the five states that had the most residents move away in 2020; they are also among the
Continue Reading Residency Audits: What To Expect When You Move To Another State
The U.S. Supreme Court has taken up the case of whether the Patient Protection and Affordable Care Act (ACA)’s individual mandate is unconstitutional. A decision on this issue is likely
Continue Reading Protecting Your Potential Tax Refund Should the Affordable Care Act’s Individual Mandate Be Determined Unconstitutional
Frequently Asked Questions (FAQs) posted by the IRS provide additional information regarding the tax return filing and tax payment deadline relief announced by the IRS in Notice 2020-18. The IRS
Continue Reading Update: Tax Filing and Payment Extensions
On March 20, 2020, the IRS issued Notice 2020-18, extending the April 15, 2020, due date for filing federal income tax returns and making federal income tax payments to
Continue Reading IRS Extends Income Tax Filing Deadline to July 15, 2020, and Removes Cap on Tax Payments Deferred to July 15, 2020
On Oct. 9, 2019, the Internal Revenue Service (IRS) released revenue ruling (Rev. Rul. 2019-24) and a Frequently Asked Questions (FAQs) document, which provide additional guidance on the tax treatment and reporting obligations for transactions involving virtual currency (also known as cryptocurrency). This guidance supplements the original guidance that was issued in 2014 in the form of a notice (Notice 2014-21), which provides a baseline rule that cryptocurrency is property for federal income tax purposes.
Rev. Rul. 2019-24 addresses questions related to the tax treatment of hard forks. The revenue ruling describes a hard fork as a protocol change that results in a permanent split of a new distributive ledger from a legacy or existing distributed ledger, resulting in the creation of a new cryptocurrency on the new distributed ledger in addition to the legacy cryptocurrency on the legacy distributed ledger.
Continue Reading IRS Issues New Cryptocurrency Guidance