Given limited guidance by US tax authorities regarding taxation of virtual currency activities, taxpayers with such holdings may find themselves in uncharted territory as to whether to take positions that are contrary to IRS pronouncements. This article explores relevant notices, rulings and FAQs, and reviews the types of deference that courts tend to put on different types of IRS interpretations and guidance.
The Legal Effect of IRS Pronouncements on Virtual Currency
By McDermott Will & Emery on July 29, 2020
Posted In Court Procedure Matters, IRS Guidance, Tax Reform