13 Sep 2022
International Tax Consequences of Cryptocurrency
As cryptocurrency has grown quickly, tax administrations worldwide have had to address the tax and regulatory issues presented by the new financial landscape, and tax practitioners should keep a careful eye on current developments when advising clients.
Related Content
- Understanding Bitcoin and Virtual Currency
Learn the fundamentals of bitcoin and virtual currency. Bitcoin is not legal tender, but in most countries it can be used and accepted in commerce voluntarily by willing participants.
- Tax and Accounting Aspects of Virtual Currency
Explore the major tax and accounting issues that virtual currencies and transactions in virtual currencies present. The key element in understanding the tax consequences of virtual currency transactions is that the IRS has determined that a virtual currency is generally property for all federal tax purposes.
Legal Developments
- Multinationals Face Most of Inflation Act’s Biz Taxes, Prof. Says
Multinational corporations would bear most of a 15% minimum tax and a 1% tax on net share repurchases in the Inflation Reduction Act recently signed into law.
- New Climate Law Expands Ways To Monetize Energy Credits
Clean energy projects' access to existing and new energy tax credits is expected to go beyond the traditional tax equity financing with new ways to monetize the refunds under a sweeping new law that aims to tackle climate change.
- Post-Dobbs, May Abortions Be Reimbursed on a Tax-Free Basis from a Health FSA, an HRA, or an HSA?
Read this guidance on using health savings plan funds for abortion care.
Practical Guidance Updates
Featuring the latest updates from your Practical Guidance account.
- Tax Key Legal Developments Tracker (Federal)
Stay informed on new developments:- Business Entities. The Inflation Reduction Act of 2022 (Pub. L. No. 117-169), enacted on August 16, 2022, imposing 15% alternative minimum tax on certain domestic corporations, imposing 1% excise tax on repurchase of corporate stock, funding the IRS, requiring drug price negotiation under Medicare, requiring prescription drug inflation rebates, extending certain Affordable Care Act subsidies, and modifying and extending certain energy tax credits..
- Excise Taxes and Credits. The Inflation Reduction Act of 2022 (Pub. L. No. 117-169) amends the Qualified Plug-in Electric Drive Motor Vehicle Credit in I.R.C. § 30D, now known as the Clean Vehicle Credit, adding a new requirement for final assembly in North America that takes effect on August 16, 2022, with additional provisions becoming effective on January 1, 2023.
- Document alerts allow you to stay current on legal developments that affect your practice. Find out how to set up your document alerts.
- Check out the new Practical Guidance Author Center! Learn about the 1500+ leading attorney authors contributing to our 21 practice areas, and find out how you can Become a Practical Guidance Author.
- Share fundamental guidance with your firm’s new associates to help them sharpen their research and writing skills, get the inside scoop on associate survival, and hit the ground running in the tax practice area. Review the resources in the First Year Associate Resource Kit: Tax.
- The Practical Guidance Journal Summer 2022 Edition features guidance on wage and hour issues related to remote and hybrid work.
- Listen up! Access our growing collection of podcasts by navigating to the Practical Guidance Podcasts Resource Kit.
- New and Recently Updated Practical Guidance Content
- Dobbs v. Jackson Women’s Health Organization Resource Kit
- Inflation Reduction Act of 2022: Tax Provisions
- Statute of Limitations for Tax Returns (No Substantial Omissions)
- Relocating Abroad? Don’t Forget the Tax Issues Video
- Unauthorized Disclosure of Taxpayer Information (IRC Sections 6103 and 7431)
- IRC Section 367 and Cross-Border Transfers
- Outbound Taxation Fundamentals
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