Cryptocurrency has gone mostly unregulated, but Coinbase could be just the first of many IRS targets.
Gains & Losses
New notices provide greater detail on the types of transactions intended to be covered under basket contract rules.
The IRS issued final rules that prevent taxpayers from transferring losses to corporations.
Since the compensatory income is already included in the employee’s Form W-2, the failure to report it in the Form 1099-B cost basis results in double-counting the income unless an adjustment is entered on Form 8949.
The IRS issued final regulations on the rules for brokers to report transactions involving debt instruments and options, including original issue discount.
The IRS issued final and temporary regulations that provide rules for brokers to report bond premium and acquisition premium as well as govern information reporting of transactions involving debt instruments and options, including the reporting of original issue discount on tax-exempt obligations, the treatment of certain holder elections for reporting a taxpayer's adjusted basis in a debt instrument, and a new requirement to report transfers of Sec. 1256 options and debt instruments.
The IRS issued final and temporary regulations that provide rules for brokers to report bond premium and acquisition premium as well as govern information reporting of transactions involving debt instruments and options.
The IRS issued a notice providing additional guidance on the codified economic substance doctrine under Sec. 7701(o) and related penalty amendments.
The IRS provided guidance defining "transaction" for purposes of applying the Sec. 7701(o) economic substance doctrine and "similar rule of law" for purposes of the Sec. 6662(b)(6) accuracy-related penalty.
The IRS issued guidance that allows a simplified method for calculating gain or loss on shares in MMFs subject to the new rules and exempts redemptions of shares in these MMFs from the wash sale rules
The IRS issued its first guidance on the tax treatment of bicoins.
The IRS issued its first guidance on the tax rules that apply to virtual currencies, in the form of 16 questions and answers.
This item focuses on the general taxation of debt instruments and provides an overview of the new reporting requirements and the implications they raise.
The IRS issued regulations to clarify the treatment of debt instruments that are part of a straddle.
Broker Basis Reporting of Debt Instruments and Options: Actions Holders or Issuers Must (or May Want to) Take
Buried in the regulations are optional or necessary actions to be taken in certain circumstances by holders of debt instruments, issuers of debt instruments subsequently registered with the SEC, and securities issuers that undertake organizational actions affecting the basis of specified securities.
The IRS released a draft of Form 8960, a new dual-purpose form that will be used by individuals and trusts and estates to compute the new 3.8% net investment income tax.
The IRS published a notice and request for comments from taxpayers on a new dual-purpose form that will be used by individuals and trusts and estates to compute the new 3.8% tax and then to report the tax.
The IRS issued final regulations defining “publicly traded property” to determine the issue price of a debt instrument.
The Supreme Court held that extended six-year statute of limitation for assessing a deficiency against a taxpayer where the taxpayer omits an amount in excess of 25% of gross income does not apply to a taxpayer’s overstatement of basis on a return.
The IRS postponed the basis and gain reporting rules under Secs. 6045(g), 6045(h), 6045A, and 6045B for debt instruments and options, so they will apply to those acquired on or after Jan. 1, 2014.