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Articles by Shaina Kamen
New Crypto Reporting Will Require Rigorous Recordkeeping
By Shaina Kamen and Max Angel (May 22, 2024, 5:14 PM EDT) -- Cryptocurrency has revolutionized the financial markets, but also created tax traps for the unwary investor.... Law360 is on it, so you are, too. A Law360 subscription puts you at the center of fast-moving legal issues, trends and developments so you can act with speed and confidence. Over 200 articles are published daily across more than 60 topics, industries, practice areas and jurisdictions.
Not So Cryptic: IRS Increases Oversight On Cryptocurrency Income Tax Reporting Requirements
In 2025, the IRS will begin increasing its oversight of cryptocurrency transactions by requiring brokers to report investor sales and exchanges tied to such transactions. Taxpayers not complying with these requirements may face penalties based on accuracy of reporting, meaning they should maintain detailed records – including date, U.S. dollar value and purpose – for all cryptocurrency transactions. For federal tax purposes, any form of virtual currency is treated as property and not cash.
Not So Cryptic: IRS Increases Oversight on Cryptocurrency Income Tax Reporting Requirements | JD Supra
In 2025, the IRS will begin increasing its oversight of cryptocurrency transactions by requiring brokers to report investor sales and exchanges tied to such transactions. Taxpayers not complying with these requirements may face penalties based on accuracy of reporting, meaning they should maintain detailed records – including date, U.S. dollar value and purpose – for all cryptocurrency transactions. For federal tax purposes, any form of virtual currency is treated as property and not cash.
Not So Cryptic: IRS Increases Oversight on Cryptocurrency Income Tax Reporting Requirements
Highlights In 2025, the IRS will begin increasing its oversight of cryptocurrency transactions by requiring brokers to report investor sales and exchanges tied to such transactions. Taxpayers not complying with these requirements may face penalties based on accuracy of reporting, meaning they should maintain detailed records – including date, U.S. dollar value and purpose – for all cryptocurrency transactions.
Social Distancing From the Home State: Domicile Planning Opportunities in Light of the Ongoing Pandemic
The ongoing pandemic has spurred an exodus from dense, metropolitan areas in high income tax jurisdictions, such as New York City. With the requirements coupled with the ability for business owners and employees to work remotely, it remains to be seen whether urban populations will return to pre-pandemic levels. Many of those who leave metropolitan areas for a new state in the pandemic do not intend to remain in the new state indefinitely.
Core Documents to Review During a Pandemic
Estate planners have an important role to play to help clients navigate the uncharted possibilities of COVID-19. Brad Dillon, Shaina Kamen, Jinsoo J. Ro | Aug 21, 2020 For the first time in recent history, mortality is at the forefront of humanity’s collective conscience.
Brad Dillon | WealthManagement.com
Brad Dillon is director of fiduciary tax and trusts at Brown Brothers Harriman in New York City and an adjunct professor of law at Fordham University School of Law in New York City.
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