Commentary by Jason Schwartz
The IRS postponed the application of the new "digital assets broker reporting rules" until the issuance of new final regulations interpreting those sections.
The U.S. District Court for the Central District of California authorized the IRS to serve a "John Doe" summons on a California-based cryptocurrency prime dealer. The IRS is seeking information about as-yet unidentified U.S. taxpayers who conducted at least $20,000 in cryptocurrency transactions with the dealer.
A federal court in the District of Massachusetts authorized the IRS to serve a "John Doe" summons on a Boston-based "digital currency exchanger" seeking information about as yet unidentified U.S. taxpayers who, from 2016 to 2020, conducted at least $20,000 in cryptocurrency transactions.
The IRS provided guidance for businesses seeking to obtain carbon capture credits as a result of amendments made to the Bipartisan Budget Act of 2018.
The Treasury adopted final regulations that will clarify the Opportunity Zone tax incentive for certain equity interests.