On May 28, 2021, President Biden released some of the legislative items that would be added by his American Families Plan, which includes a provision that could impact tax information reporting for cryptocurrency asset exchanges and custodians. If enacted, this proposal could require substantial effort to implement and administer.
Continue Reading President Biden’s Proposal to Enhance Cryptocurrency Information Reporting Regime on Form 1099

Only a few states have issued guidance on the sales tax treatment of digital currency transactions. On November 2, 2020, Kansas joined this group, with Notice 20-04, Sales Tax Requirements Concerning Digital Currency Under the Retailers’ Sales and Compensating Tax Acts, issued by the Kansas Department of Revenue.
Continue Reading Kansas Issues Sales Tax Guidance on Digital Currency