Are Cryptocurrencies Legal Tender For Tax purposes?When Does A Taxable Realization Event occur?Where Are The Assets, and Where Is The Taxable Commercial Activity?Additional Trends to WatchConclusionTax authorities are putting significant effort into
disabusing taxpayers of the notion that income earned through cryptocurrencies is not
taxable because it is just
“exchanging cash.” Cryptocurrency has certain features of legal tender. The European Central Bank, for example, lists three defining characteristics: It can be used (1) as a medium of e...See more on skadden.com
Published: Jan 19, 2022People also askWhat are the tax implications of cryptocurrency?When it comes to cryptocurrency, there are many unknowns around accounting, audit and assurance. With a lack of universal guidance, crypto assets can easily be over or understated, making risks much higher. Adding to the complexity is the fact that most taxpayers are unaware of the potential tax consequences of crypto.How do you audit
crypto? It starts with understanding how to report on ittax.thomsonreuters.com/blog/how-do-you-audit-crypto-it-…Is there a crypto tax knowledge gap?One of the issues is a widespread crypto tax knowledge gap, with confusion about which activity is taxable, said Shehan Chandrasekera, a CPA and head of tax strategy at CoinTracker. Here’s a look at more tax-planning news. Indeed, most survey respondents couldn’t successfully identify the tax consequences of several common transactions.Majority of crypto investors still aren’t ready to file their taxes, survey fin…www.cnbc.com/2022/04/06/most-cryptocurrency-investor…Is crypto tax compliance still a minefield?Crypto Tax Compliance Remains Minefield as IRS Leaves Key Questions Unresolved A lack of guidance on everything from staking rewards to NFTs means there’s a certain amount of guesswork involved in tax filings. This piece is part of CoinDesk's Tax Week. Newsletters Consensus 2022 Markets Business Tech Policy Indices TV & Videos PodcastsCrypto Tax Compliance Remains Minefield as IRS Leaves Key www.coindesk.com/layer2/taxweek/2022/02/23/crypto-ta…Is a cryptocurrency hard fork tax deductible?In Rev. Rul. 2019 - 24, the IRS ruled that a taxpayer owning a cryptocurrency that undergoes a hard fork has
gross income under Sec. 61 if the hard fork results in a new cryptocurrency and the taxpayer actually, or constructively, receives the new cryptocurrency.Recent IRS guidance on cryptoassets - The Tax Adviserwww.thetaxadviser.com/issues/2022/feb/recent-irs-guida…FeedbackHow do you audit crypto? It starts with understanding …https://tax.thomsonreuters.com/blog/how-do-you...WebJan 12, 2023 · January 12, 2023 · 6 minute read When it comes to cryptocurrency, there are many unknowns around accounting, audit and assurance. With
a lack of universal
guidance,
crypto assets can easily …
