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Scarinci Hollenbeck regularly publishes articles pertaining to legal updates affecting individuals and institutions in New York and New Jersey, and the world at large. Here you can find coverage for when we welcome new attorneys, significant wins we’ve secured on behalf of our clients, and general announcements.
Results for blockchain articles
How Will the Infrastructure Bill Impact Cryptocurrency?
Author: Edward "Teddy" EynonDate: September 3, 2021
Congress is hoping that tax revenue from cryptocurrency transactions will help fund infrastructure projects across the country. Under a controversial provision in the $1 trillion infrastructure bill approved by the U.S. Senate, cryptocurrency brokers will be subject to new tax-reporting requirements.
As discussed in prior posts, the federal government is steadily increasing its oversight over cryptocurrency as it grows in popularity. The Internal Revenue Service (IRS) has led the charge, seeking to increase tax compliance around cryptocurrency transactions. In 2019, the IRS began sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly.
IRS Asking Congress to Bolster Its Crypto Enforcement Authority
The Internal Revenue Service (IRS) is continuing its cryptocurrency crackdown... The Internal Revenue Service (IRS) is continuing its cryptocurrency crackdown....
IRS Targeting Cryptocurrency Platforms to Obtain Taxpayer Information
The Internal Revenue Service (IRS) continues to ramp up its efforts to identify taxpayers that have failed to properly report...
Do Cryptocurrency Transactions Above $10K Have to Be Reported to IRS?
The U.S. Treasury Department is looking to boost tax compliance on virtual currency by imposing a new reporting requirement on...
New York Relaxing Virtual Currency Rules – What Businesses Need to Know
The New York Department of Financial Services (NYDFS) is overhauling its regulation of virtual currency... The New York Department of...
