The IRS postponed the application of the new "digital assets broker reporting rules" until the issuance of new final regulations interpreting those sections.
In recent analysis, Fried Frank Partner Jason Schwartz discussed methods for U.S. cryptocurrency investors to realize tax losses before the end of the year.
The District Court for the Middle District of Tennessee granted a motion to dismiss a tax refund suit relating to cryptocurrency staking rewards on mootness grounds after the IRS issued the refund.
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.
Senator Pat J. Toomey (R-PA) and Senator Kyrsten Sinema (D-AZ) introduced the Virtual Currency Tax Fairness Act, which would exempt small virtual currency transactions from capital gains taxes.