On January 16, 2024, the United States Internal Revenue Service and Treasury Department announced the delay of the reporting requirements for businesses who receive USD 10,000 or more in digital assets, pursuant to section 6050I. Section 6050I obligates any person who receives USD 10,000 or more in cash, in the course of their trade or business, in a single or multiple related transactions, to report such to the IRS using Form 8300. Form 8300 requires…
On July 11, 2023, the United States Senate solicited input from the public on the appropriate treatment of digital assets under US federal income tax law. Noting that uncertainty over the application of existing laws to transactions involving digital assets creates complex tax reporting issues for taxpayers, the Senate signaled that legislation may be required to provide adequate guidance to the industry and the public. Click here to access a full discussion of the matter.
During the week of August 15, 2022, the Federal Reserve Board (“FRB”) included digital assets (or, as it refers to them, “crypto-assets”) in various internal and external notices, possibly signaling to the industry the emergence of a coordinated stance. While none of these communications alone provide much clarity, taken together we can begin to hear the FRB’s message: proceed, but with the utmost caution. August 15 – FRB Guidelines for approving reserve bank accounts…