About this event
In recent months, the IRS has initiated high-profile court cases in both California and Massachusetts to issue what are called John Doe summonses to Kraken and Circle Financial (which owned Poloniex at one point). These John Doe summonses authorize the IRS to request customer account information broadly from the firms without specifying the name of the account owner under investigation.
A little less discussed, however, is the fact that the IRS is also working on tax information reporting regulations. These regulations are expected to specifically require exchanges and brokers facilitating crypto trades to report those transactions to the IRS and to customers. This may mean tax reporting on a Form 1099-B (as is currently required for securities trades) and would allow the IRS upfront access to taxpayer crypto transaction information without having to first engage in litigation.
The crypto tax information reporting regulations are expected to be released in proposed form in the near future.
Join our panel of tax reporting and industry specialists as they discuss the current state of IRS tax reporting for cryptocurrencies and other crypto assets. Also, what might the new tax reporting regulations look like? And does the IRS’s thirst for customer crypto tax data conflict with customer data privacy concerns or does it dovetail with customers’ demand for tax transactional and gain/loss data themselves?
Panelists:
Cameron Routh - Head of Tax Solutions, Refinitiv
Nelson Suit - Tax Compliance Officer, Refinitiv
Philip Garlett - Managing Director, KPMG
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The Block is the leading research, analysis and news brand in the digital asset space. The Block delivers deep insight into how this emerging sector interacts with traditional finance, technology, governments and markets. Our foundation is simple: we are the first and final word in digital assets.