Cryptocurrency – Global Regulatory Updates
Background A bit of history about cryptocurrency. Bitcoin was the first cryptocurrency created and was launched in January 2009 by …
Digital Asset ‘Middleman’ Reporting Regs, Transition Relief Issued
The IRS has issued final regs that include participants in the decentralized digital asset space that provide trading front-end services …
IRS Criminal Investigation Boasts 90% Conviction Rate in FY24
In its fiscal year 2024 annual report, the IRS Criminal Investigation (IRS-CI) unit announced its workforce grew to its biggest size …
Advice for Practitioners on Unused Digital Asset Basis Safe Harbor
A digital asset tax expert and an IRS official advised practitioners to consider their options presented in recent guidance that …
Circuit Court Revives Crypto Reporting Legal Challenge
In partially reversing a lower court’s dismissal of multiple constitutional challenges to the amended Code section requiring the disclosure of …
Crypto Sector Slow to Adopt New Accounting Rules Despite Years of Advocacy
Despite years of pressing the FASB to develop a standard, the crypto sector has not been scrambling to adopt new …
Deloitte’s Jonathan Cutler Weighs in on New Digital Asset Reporting Form
Deloitte Washington National Tax Senior Manager Jonathan Cutler, a global information reporting expert, shared with Checkpoint his impressions of the …
Senate Stablecoin Bill Would Override SEC Crypto Accounting Bulletin
A bipartisan stablecoin framework rolled out on April 17, 2024, by Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) would …
Resolution Nixing SEC Crypto Accounting Guidance Clears House Committee
The House Financial Services Committee on February 29, 2024, advanced a bipartisan measure to eliminate a 2022 SEC staff accounting …
Sales Tax on NFTs Poised to Heat Up in 2024
To date, only a handful of states have provided guidance specific to the sales and use tax treatment of non-fungible …