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Deloitte and Bloomberg Tax & Accounting launch new crypto tax portfolio.

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TLDR:

  • Deloitte and Bloomberg Tax & Accounting have released a comprehensive tax management portfolio on the taxation of cryptocurrency and digital assets.
  • The portfolio covers federal crypto and digital assets tax rules, classification, tax implications of transactions, and international and state tax considerations.

Deloitte and Bloomberg Tax & Accounting have collaborated to release a tax management portfolio focusing on the taxation of cryptocurrency and other digital assets, aiming to provide clear guidance on complex tax issues involving digital assets. The comprehensive guide, titled Taxation of Cryptocurrency and Other Digital Assets, explores the U.S. federal income taxation of digital assets, including cryptocurrencies, and analyzes the classification of digital assets for tax purposes. It offers insights into the digital asset ecosystem, tax guidance, accounting treatment, and tax implications of various activities such as dealing, trading, and investing in digital assets.

The portfolio also addresses novel tax questions raised by digital asset transactions and delves into potential consequences for certain types of investment entities. It covers information reporting standards, international and state tax considerations, the concept of barter transactions using digital assets, and the tax implications of using digital assets in business transactions. Additionally, the portfolio discusses new financial products based on digital assets and unique tax considerations related to their design. It also provides insights into compensation matters involving digital assets and tax considerations for individuals, estates, and trusts investing in or using digital assets.

The release of this tax management portfolio signifies a significant contribution to the evolving conversation around the taxation of cryptocurrencies and digital assets. It aims to guide tax professionals in navigating the complexities of digital asset taxation and provides valuable perspectives and examples from industry thought leaders. By offering practical and insightful guidance, the portfolio equips tax professionals to better serve their clients and organizations in the rapidly evolving landscape of digital assets.


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