Comprehensive changes to crypto taxation may be on the horizon as indicated by a recent Joint Committee of Taxation report, as well as the recently proposed Lummis-Gillibrand Responsible Financial Innovation Act.
The New York State Bar Association Tax Section recently submitted a report recommending that the government provide guidance on various tax considerations related to non-fungible tokens ("NFTs").
In light of the discontinuation of USD LIBOR after June 2023, the IRS has published final regulations that provide a SOFR-based reference rate to be used by foreign banks when electing to use a published rate as described in regulations under Code Section 882.
The Supreme Court is set to hear the case of Moore v. United States, which will decide the constitutionality of the one-time transition tax enacted under the Tax Cuts and Jobs Act (the "TCJA") on undistributed earnings that have accumulated overseas. The decision could affect other well-settled areas of the tax law that seemingly impose income taxes without a realization requirement.