KMK Law Corporate & Securities Blog

On October 9, 2019, the Internal Revenue Service released the first new specific tax guidance regarding virtual currency since 2014 as part of its wider effort to educate taxpayers and enforce the tax laws in this rapidly changing area.  The new guidance, in the form of Revenue Ruling 2019-24 and a set of Frequently Asked Questions posted to its website, reiterates the Service’s position that virtual currency, including cryptocurrency such as Bitcoin, is property for federal income tax purposes.

Several companies have asked us about the status of registrations and qualifications of security token offerings (STOs) / initial coin offerings (ICOs) with the Securities and Exchange Commission. There is not much to report.