Andrea Kramer Andrea Kramer

Subscribe to Andrea Kramer's Posts
Andrea (Andie) S. Kramer has a sophisticated and unique multi-disciplinary legal practice that covers all aspects of financial transaction, derivatives, and cryptocurrency, with a focus on taxation, regulation, contract design, trading operations and documentation. Andie helps clients successfully resolve difficult legal situations, including federal and state regulatory matters, adversarial proceedings, and tax planning and compliance issues while addressing interrelated business objectives, regulatory and legal requirements, and public policy. Read Andrea Kramer's full bio.

Specific Identification of Virtual Currency Positions


By on Jul 31, 2020
Posted In IRS Guidance, Tax Reform

The Internal Revenue Service (IRS) views convertible virtual currency as property, not foreign currency. As such, taxpayers must record and track the tax basis of each unit of virtual currency held in order to properly report taxable gain or loss when disposing of a unit or units of virtual currency. This article reviews the IRS’s...

Continue Reading



The Legal Effect of IRS Pronouncements on Virtual Currency


By on Jul 29, 2020
Posted In Court Procedure Matters, IRS Guidance, Tax Reform

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...

Continue Reading



STAY CONNECTED

TOPICS

ARCHIVES