BMR Consulting的动态

New guidance for basis allocation for digital assets just out. There's a safe harbor, but we should discuss your situation and ascertain what your tax ramifications are, based on this new guidance. https://lnkd.in/gMJASq6x

Some more thoughts on the draft 1099-DA that the IRS released on April 19: 1. This is a lot of information for brokers to collect. There's going to be a large administrative burden for brokers to comply. 2. There is a box in the top right to check what kind of broker you are. Looks like unhosted wallets is one of them. This is a big yikes for innovation in the U.S. It feels like this is more of a KYC play than a tax reporting play. 3. Box 1i is "wash sale disallowed." This is interesting given the positition that generally crypto assets aren't subject to wash sale rules. My guess is maybe its for the recently approved BTC ETFs. Not entirely sure. 4. Box 11b asks for digital asset address. This is basically going to dox a lot of public addresses. 5. Box 11a asks for transaction ID as if brokers will need to provide a transaction hash for each sale. 6. Boxes 12a-d are for reporting transfers even though the IRS has not released any guidance when this will be required. 7. All this to say is this is a draft form 1099-DA and the IRS is requesting comments. There is a 60 day comment period. There is a chance that the final form will look different from the draft form.

Crypto Currency Regulations could lead to BILLIONS of forms, but not until 2025 IRS Released the draft form 1099-DA for digital asset reporting.?While most of these reports will be generated (you guessed it) digitally, the paper form gives us an idea of what digital asset brokers and exchanges will need to report to the IRS, giving us a preview of the final regulations, which should come later this year.?Preliminary regs were 175 pages: complex issue, complex compliance.? Seeing the IRS whittle down the options for box 1a “Type of Digital Asset,” will be interesting. https://lnkd.in/eQe7AMa4 ?

What’s happening in DC? Here is your week ahead: Thursday, February 29 U.S. House Committee on Financial Services will hold a markup on a number of bills, including the following in the crypto space: Rep Patrick Flood's and Wiley Nickel’s CRA on U.S. Securities and Exchange Commission’s SAB 121 https://lnkd.in/ehjHq3fm Chair McHenry’s Financial Services Innovation Act (HR 7440) https://lnkd.in/eSzHzYyT Rep Fitzgerald’s Combating Money Laundering in Cyber Crime Act (HR 7156) https://lnkd.in/eY_N3CTS 1pm – Commissioner Kristin Johnson to Participate in a Black History Month Fireside Chat at FINRA’s DC Office. The discussion is expected to explore DeFi solutions aimed at addressing the systemic oppression of black communities by the traditional banking space. https://lnkd.in/ezaWf_p5 ICYMI Office of the Comptroller of the Currency Commissioner Hsu’s remarks about the need for a global regulatory framework for crypto asset intermediaries. https://lnkd.in/e2NAFe9P Federal Reserve Board On Friday, the Fed released economic research on the dynamics within stablecoin primary and secondary markets, centralized and decentralized exchanges, and times of economic instability. https://lnkd.in/eHVeVhGw That’s all for this week. See you on Friday for our Global Policy update.

The Internal Revenue Service (IRS) has previewed a draft of the 1099-DA form meant to decide how #crypto transactions should be reported to the federal government. The form focuses on the taxable gains or losses brokers will have to report on behalf of traders. What exactly counts as a #digitalasset broker is an open question, though this version of the draft identifies kiosk operators, digital asset payment processors, hosted wallet providers and unhosted wallet providers. https://lnkd.in/ec6-u4Nx

Thank you, Zach Warmbrodt and POLITICO, for speaking to FTA's President & CEO, Penny Lee, about our new Future of Finance agenda and our #fintech leaders in town today. READ the Morning Money Q&A below ? Fintech leaders in town?— MM caught up with Financial Technology Association CEO?Penny Lee?as the group’s members gather in Washington this week. The trade represents companies including PayPal, Intuit, Stripe, Block, Chime and Klarna. The association rolled out a?new “Future of Finance” policy agenda?before with officials from the White House, the Treasury Department, the Federal Reserve, the FDIC and Congress. One of FTA’s priorities on the Hill is laying the groundwork for legislation that would let non-bank firms access Fed services. The group is also trying to get feedback on the issue from the Fed itself. Its pitch is that such a change would reduce costs for customers, enable faster payments and make it easier for consumers and businesses to move money. “That is something we know that will likely require a statutory change,” Lee said. “So we have begun those conversations on Capitol Hill. One, what does the pathway look like? Does it require a payment charter? Does it require certain other statutory changes to be able to allow that to happen?” https://lnkd.in/eri9Y5EP

There is this idea that cryptocurrencies are going to take part in our day to day finances. The more I learn about them, the more questions I have ?? Meanwhile here are some of the answers to start a conversation about this. https://lnkd.in/dkUYJqcu

IRS final rule for taxing digital assets. On July 9, 2024, the IRS will publish its final rule "regarding information reporting and the determination of amount realized and basis for certain digital asset sales and exchanges. The final regulations require brokers to file information returns and furnish payee statements reporting gross proceeds and adjusted basis on dispositions of digital assets effected for customers in certain sale or exchange transactions. These final regulations also require real estate reporting persons to file information returns and furnish payee statements with respect to real estate purchasers who use digital assets to acquire real estate." This "public inspection" version is almost 400 pages long. I'm going to wait for some smart crypto lawyers to provide a summary. https://lnkd.in/g8yJC4De

Understanding the Fear of Government Monitoring Your Money – Expert Insights Unveiled!

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