Blockchain & Cryptocurrency
Meet the Co-chairs - TAGLAW
McLeod Law LLP
Silk Legal Company Ltd.
Ellul & Co
Author: Cynthia Pedersen
Pursuant to statements made by IRS Commissioner Charles Rettig on May 30, 2019, much-anticipated cryptocurrency tax guidance should be released “very soon.” Rettig suggested the guidance, which would come in the form of a revenue ruling and a revenue procedure, could be released within the next 30 days.
Blockchain is a new database technology that enables users to share constantly updated documents across a network. It promises unprecedented efficiency and seems poised to make M&A negotiations and due diligence faster, more accurate and cheaper. Within a few years, blockchain code might even potentially verify and execute merger agreements. But does the reality of blockchain live up to the hype surrounding it?
Author: Brett Neate
In a word? Yes.
In IRS Notice 2014-21 the Internal Revenue Service advises that, virtual currency or commonly known as cryptocurrencies such as Bitcoin are not considered to be currency (they consider it property), investors must report any gains made in the trading or use of cryptocurrencies. Taxpayers who realize a gain in cryptocurrency must report the cash equivalent (in USD) as of the date of the transaction (buy/receive and sale/use.)
Author: Tim Valtwies
It’s no doubt that in the last year cryptocurrency prices have been on a volatile ride. Even the most stable of cryptocurrencies, Bitcoin, which managed to fall in value by as much $2000 in one day in November last year has now gained more than 15% in the last week. Nevertheless, the popularity of cryptocurrencies continues to rise and with it comes the question of whether trustees of a Self-Managed Super Fund (SMSF) can and should invest in them.
Author: Corey McLaughlin
Although they’ve been around since 2008, cryptocurrencies continue to draw fascination from every corner of the globe, making their way into TV news reports, investor meetings and even cocktail party conversations. But what are they? How do they work? And do they represent the future of a digital, cashless society?