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As we pass the mid-year point and companies share their 2021 interim results, it’s vital to reevaluate the major tax accounting and auditing issues that individuals and entities may face in 2021. How these accounting and auditing issues tie into the developing guidance by the IRS and Treasury on the obligation of cryptocurrency brokers and exchanges to report data on an investor’s gains and losses is a key component of this discussion. Given the importance of effectively taxing cryptocurrency transactions and the difficulties inherent in taxing these types of transactions, taking into account the reluctance of the parties to report these transactions, the taxation of virtual currencies will remain on the IRS’s plate for the duration of 2021 and years to come.
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