IRS Issues Proposed Regulations Relating to Digital Asset Transactions

The U.S. Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) recently released proposed regulations (REG-122793-19) pertaining to information reporting and backup withholding, as well as basis and amount realized determinations for certain transactions involving digital assets. Recognizing the evolving landscape of digital assets, including cryptocurrencies and other blockchain-based tokens, Treasury and the IRS intend for these regulations (when finalized) to enhance…
By: Perkins Coie
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