The IRS provided some much-needed guidance on protocol changes to blockchain. Our International Tax Group breaks it down.
- What the forking wallet?
- Two scenarios for hard forks
- What about airdrops?
Read the full advisory here.
cryptocurrency
Cryptocurrencies and Investment Funds – Tax Uncertainty Abounds
The IRS has announced its intent to beef up enforcement efforts against tax noncompliance relating to transactions in cryptocurrencies. Despite this effort, various tax aspects of cryptocurrency transactions remain uncertain. Our International Tax and Blockchain & Distributed Ledger groups team up to explain how this uncertainty affects cryptocurrency funds.
Cryptocurrencies are treated as property, not currency, for tax purposes (but the certainty largely ends there)
Can cryptocurrencies and their derivatives qualify as commodities for tax purposes?
Read the full advisory here. [...]Read more