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Archive by Month: February 2022
The Internal Revenue Service (IRS) issued updates to its Frequently Asked Questions on Virtual Currency Transactions in January. With the IRS emphasizing cryptocurrency tax compliance in 2022, investors and businesses that held Bitcoin or other virtual currencies during the 2021 tax year need to ensure that they are meeting their federal obligations, and reviewing the IRS’s FAQs is a good place to start (although taxpayers cannot rely on these FAQs exclusively). In this article, Boston tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, covers some of the highlights:Read More
U.S. Treasury Department Provides Clarity on Crypto Miners’ and Stakers’ Tax Reporting Obligations
Articles/News, Offshore Account UpdatePosted on February 14, 2022
As Boston tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, discussed last year, the 2021 Infrastructure Investment in Jobs Act (IIJA) contains some important – and potentially troubling – provisions for cryptocurrency investors and others in the crypto space. In particular, the IIJA contains multiple new reporting requirements, including a requirement for “brokers” to report their customers’ transactions to the Internal Revenue Service (IRS). However, the legislation leaves “brokers” undefined, and the statute’s operative language is broad enough that this term could potentially encompass miners and stakers, among others.
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