Cryptocurrency Tax Issues
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Cryptocurrency Tax Issues

Cryptocurrency, which represents a group of novel technologies, presents challenges in many areas of law. Because it doesn’t fit into traditional definitions of currency, commodity, or property, the U.S. tax law doesn’t provide much clarity over how to determine if and when a transaction in cryptocurrency gives rise to a taxable event, how to calculate any gain or loss from such event, and surrounding compliance obligations. 

IPB attorneys are at the forefront of this emerging field – advising clients, writing, speaking, and advocating for how the government should tax this new technology. Our attorneys apply their expert knowledge of federal, international, and individual taxation to advise on the many challenging aspects of taxation of cryptocurrency. As this technology continues to evolve, our attorneys will remain on the forefront as leaders of this exciting and emerging area of the economy.

IPB Cryptocurrency Tax News & Publications

DOL Warns 401(k) Plans Against Allowing Crypto Investments (published on, March 2022)

An Unregulated Asset In A Regulated World: Paying Employees In Cryptocurrency  (published in Corporate Taxation, June 2021)

IRS Takes Narrow View of Pre-2018 Cryptocurrency Like-Kind Exchanges (June 2021)

IRS Clarifies Its View of Cryptocurrency Hard Forks (April 2021)

Cryptocurrency: Form 1040 Implications (in conjunction with Mazars USA, February 2021)

Think Twice Before Paying Employees in Cryptocurrency (featured in The FinTech Times, January 2021)

Beyond Digital: Is Cryptocurrency the Next Tax Frontier? (published in Tax Notes Federal) (June 2020)

Tax Consequences of a Fork (June 2020)

Cryptocurrency as Foreign Currency--Potential Application of Section 988 (April 2020)

When can an individual deduct a loss from a cryptocurrency transaction? (April 2020)

Recent Developments: Cryptocurrency (March 2020)

Are Exchanges of Cryptocurrencies in Exchange for Other Cryptocurrencies Eligible for Like-kind Exchange Treatment Under Section 1031? (January 2020)

Cryptocurrency Resources

ILM 202124008

CCA 202114020

Revenue Ruling 2019-24

IRS FAQs on Cryptocurrency

IRS Notice 2014

NYSBA Comment Letter on Revenue Ruling 2019-24 (January 26, 2020)

AICPA Comment Letter on Notice 2014-21

ABA Comment Letter on Cryptocurrency Hard Forks (March 19, 2018)

SEC Statement on Cryptocurrencies and Initial Coins offerings 

Bitcoin Whitepaper

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