Tax Sound Bytes: Honing in on the hot topic of cryptocurrency

In the fourth episode of Tax Sound Bytes, a podcast series from the Tax Practice Group covering issues affecting international and taxation of the digital economy, host and Eversheds Sutherland Associate Mary Kate Nicholson welcomes Partner Jon Sambur to discuss a hot topic – the taxation of cryptocurrency. They cover the 2021 US Infrastructure Bill, which included several provisions aimed at cryptocurrency and digital assets, as well as a proposal for information reporting by certain financial institutions and digital asset brokers from the US Treasury’s Green Book. Jon provides his thoughts on how he sees the new reporting obligations from the Infrastructure Bill playing out once they go into effect in 2023, as well as how the proposed reporting obligations could change things. In addition, they speak to recently proposed legislation under a bipartisan bill, the Lummis-Gillibrand Responsible Financial Innovation Act, which aims to correct certain aspects of the Infrastructure Bill. They wrap up the tax portion of the conversation with Jon’s thoughts on where he sees the crypto space going in the near term. Continuing tradition, their conversation concludes with Mary Kate’s favorite nontax question – if there was a book you could read over again for the very first time, what would it be? To stay up-to-date on the digital tax information you need to know for your business, subscribe to our Digital Taxation mailing list to receive updates from Digital Tax Bytes on a weekly basis.