Andersen analysis: IRS virtual currency guidance clarifies tax treatment of 'hard forks' and 'airdrops'

Will a 'hard fork' result in gross income, and a reporting obligation for the U.S. taxpayer owner of the virtual currency subject to that 'fork'?

As reported, the U.S. Internal Revenue Service recently released some long-anticipated guidance on this and other questions, addressing how those subject to U.S. taxation should report their cryptocurrency assets and transactions.

Here, Joe Gill – a New York-based managing director in Andersen's U.S. National Tax office – shares his thoughts on the latest IRS guidance...

  • Tax

IRS letter campaign puts cryptocurrency investors on notice

The U.S. Internal Revenue Service has begun sending "educational letters" to U.S. taxpayers who have been engaging in "virtual currency transactions" and whom it says either "potentially failed to report income and pay the resulting tax" they were seen to owe on certain of these virtual currency transactions, or failed to "report their transactions properly." 

  • Tax
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Opinion

Uncle Sam wants YOU… to vote!

Uncle Sam wants YOU… to vote!

Many overseas Americans – even more, in percentage terms, than their homeland counterparts – don’t vote.  A common attitude among such expats is expressed by one thirtysomething New Yorker, who was...

Jun-06-2020