Tuesday March 8, 2022 – Cryptocurrency was designed to be independent of any organized market – decentralized is the promise. As Cryptocurrency grew, so too, did Government intervention.
The IRS has taken the lead role – ostensibly to reduce the tax-gap, protect consumers and prevent tax cheating. The Biden Administration recently announced the President’s delivery of an Executive Order on Cryptocurrency.
The order is expected to outline the actions government agencies should take to develop policies and regulations on digital currencies. The State Department will be directed to ensure that American cryptocurrency laws are aligned with those of U.S. allies.
Attorney Steven A. Leahy reviews the tax implications of holding, buying, selling, trading, or receiving cryptocurrency – and Non Fungible Tokens – this tax season.