This quarterly blog series focuses on tax information reporting (TIR) and unclaimed property (UP) issues impacting businesses facilitating transactions involving digital assets. Each quarter, Sovos
Despite the reputation of being a “once a year” thing, tax information reporting and withholding is a year-round organizational compliance process. Add unclaimed property (UP)
It seems like you can’t go a day without hearing something about cryptocurrency or the associated terms like virtual currencies, bitcoin and fiat currencies. Since
No matter the size of the business, the tax season kicked off this past month with tax reporting professionals tackling the massive task of issuing
The hotly anticipated crypto 1099 information reporting tax law changes may finally come to light this week. In an interesting twist to the bipartisan infrastructure
In my previous two unclaimed property and cryptocurrency blogs posts titled, “Regulation and the Impact on Digital Assets” and “Due Diligence Requirements and Compliance,” we
In my previous blog, Unclaimed Property and Cryptocurrency: Regulation and the Impact on Digital Assets, we explored the impact of unclaimed property regulations in the
For the past 70 years, unclaimed property reporting requirements have been challenging for US businesses. Understanding the nuances of individual state statutes and how to
“Regulation always follows innovation, and sometimes, in democracies, it follows a little further behind other jurisdictions.” – Chris Giancarlo, CFTC Chairman Regulators at the IRS,
Starting in early 2021, PayPal customers can buy, sell and trade select cryptocurrencies using their PayPal and Venmo online wallet accounts. Shoppers will also be
Sovos’ Global Compliance Summit – Intelligent Reporting “Speaker Spotlight” Series continues with an introduction to another brilliant tax expert who is particularly knowledgeable in the
Sovos’ Global Compliance Summit – Intelligent Reporting “Speaker Spotlight” Series continues with the introduction to an award-winning subject matter expert on tax in the Cryptocurrency
The Government Accountability Office (GAO), a U.S. Congress watchdog, published a report evaluating the IRS’s approach to regulating virtual currency (crypto) and the guidance it
The Government Accountability Office (GAO), a U.S. Congress watchdog, published a report evaluating the IRS’s approach to regulating virtual currency (crypto) and the guidance it
Experts believe Starbucks plans to enter the financial services industry. This belief is based on the huge sum of money Starbucks holds in stored value
The IRS commissioner Chuck Rettig issued the agency’s FY19 updates last month, which included updates on compliance and education initiatives aimed at the emerging gig
Tax time is upon us, which means last minute IRS and state tax information reporting changes are keeping us on our toes. Take five minutes
Gemini, one of the world’s most trusted cryptocurrency exchanges and custodians, has selected Sovos, the largest private filer of 10-series tax forms, to automate Gemini’s