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Subscribe to McDermott Will & Emery's PostsWeekly IRS Roundup January 17 – January 20, 2023
By McDermott Will & Emery on Jan 23, 2023
Posted In IRS Guidance, Tax Reform, Tax Refunds
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 17, 2023 – January 20, 2023. January 17, 2023: The IRS released Internal Revenue Bulletin 2023-3, which highlights the following: Notice 2023-10: This notice provides that calendar year 2022 will be a transition period...
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Weekly IRS Roundup January 9 – January 13, 2023
By McDermott Will & Emery on Jan 17, 2023
Posted In IRS Guidance, Tax Reform, Tax Refunds
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 9, 2023 – January 13, 2023. January 9, 2023: The IRS released Internal Revenue Bulletin 2023-2, which highlights the following: Announcement 2023-2: This announcement provides transitional guidance with respect to the reporting of information...
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Weekly IRS Roundup December 26 – December 30, 2022
By McDermott Will & Emery on Jan 3, 2023
Posted In IRS Guidance, Tax Reform
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 26, 2022 – December 30, 2022. December 26, 2022: The IRS released Internal Revenue Bulletin 2022-52, which highlights the following: Proposed Regulations 106134-22: These proposed regulations identify certain syndicated conservation easement (SCE) transactions and...
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Weekly IRS Roundup December 19 – December 23, 2022
By McDermott Will & Emery on Dec 27, 2022
Posted In IRS Guidance, Tax Reform, Tax Refunds
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 19, 2022 – December 23, 2022. December 19, 2022: The IRS released Internal Revenue Bulletin 2022-51, which highlights the following: Revenue Ruling 2022-23: This revenue ruling announces the interest rates for the first quarter...
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Weekly IRS Roundup December 12 – December 16, 2022
By McDermott Will & Emery on Dec 19, 2022
Posted In IRS Appeals, IRS Guidance, Tax Reform, Tax Refunds
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 12, 2022 – December 16, 2022. December 12, 2022: The IRS released Internal Revenue Bulletin 2022-50, which highlights the following: Revenue Procedure 2022-41: This guidance specifies when information shown on an income tax return...
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Weekly IRS Roundup November 28 – December 2, 2022
By McDermott Will & Emery on Dec 5, 2022
Posted In IRS Guidance, Tax Reform, Tax Refunds
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 28, 2022 – December 2, 2022. November 28, 2022: The IRS released Internal Revenue Bulletin 2022-48, which highlights the following: Notice 2022-59: This notice provides the adjusted applicable dollar amount to be multiplied by...
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What You Need to Know About the Taxation of NFTs
By McDermott Will & Emery on Jan 18, 2022
Posted In Tax Reform
Non-fungible tokens (NFTs) are today’s hottest digital assets. They are also completely ignored by the Internal Revenue Service—to date, at least—even in the agency’s pronouncement on the taxation of cryptocurrencies. In this series of articles, we’ll start cracking the NFT code: what they are, how they are created, bought and sold, how they might be...
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Infrastructure Bill Provision Expands Cryptocurrency Reporting Requirements
By John T. Lutz, William R. Pomierski, Le Chen and McDermott Will & Emery on Aug 6, 2021
Posted In Tax Reform
On August 1, 2021, the US Senate unveiled the draft text of the Infrastructure Investment and Jobs Act (Bill), a highly anticipated $1 trillion infrastructure package negotiated by the White House and a bipartisan group of senators. As discussed below, the Bill includes a provision (Section 80603) that, if enacted in its current form, would...
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Cryptocurrency Global Tax Enforcement: What Investors and Companies in the Industry Need to Know NOW
By Kevin Spencer, Simon Airey and McDermott Will & Emery on Jun 30, 2021
Posted In IRS Guidance, Tax Reform
On June 28, 2021, McDermott held a webinar presentation titled “Cryptocurrency Global Tax Enforcement: What Investors and Companies in the Industry Need to Know NOW.” Topics during this webinar included: How to address the tax consequences of past virtual currency transactions, including potential voluntary disclosure considerations. How to protect your business from a US Department...
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Finding John Doe, Part II: IRS Secures Another Victory to “Root Out” Virtual Currency Tax Noncompliance
By Julian André, Kevin Spencer, Katharine Suominen and McDermott Will & Emery on May 7, 2021
Posted In IRS Guidance, Tax Reform
The Internal Revenue Service (IRS) has scored another significant victory in its rapidly increasing virtual currency tax enforcement efforts. On May 5, 2021, the US District Court for the Northern District of California entered an order authorizing the IRS to serve a John Doe summons on popular cryptocurrency exchange, Payward Ventures Inc. d/b/a Kraken (Kraken)....
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