News
Deloitte and Bloomberg Tax & Accounting Announce the Release of a Comprehensive Tax Management Portfolio on the Taxation of Cryptocurrencies and Other Digital Assets
Portfolio provides a comprehensive guide to federal tax rules on cryptocurrencies and other digital assets
NEW YORK, June 10, 2024 /PRNewswire/ — In an effort to provide clear guidance on complex tax issues involving digital assets, Deloitte and Bloomberg Tax & Accounting today announced the publication of the Tax Management Portfolio Taxation of cryptocurrencies and other digital assets, n. 190-2ndwhich is now available on the Bloomberg Tax Research platform.
As the definitive guide to the tax treatment of digital assets, Portfolio 190 examines U.S. federal income taxation of digital assets, including cryptocurrencies. It provides a detailed analysis of the classification of digital assets for tax purposes and offers an inclusive overview of the digital asset ecosystem, tax guidance to date and accounting treatment. The Portfolio further delves into the tax implications of using, trading, trading and investing in digital assets and addresses new tax issues raised by digital asset transactions.
“Digital assets and blockchain technologies are reshaping our financial system and broader business activities,” he said Rob Masseypartner, global and US leader in Tax Blockchain & Digital Assets, Deloitte Tax LLP, and a principal author of Portfolio 190. “The transformative impact of blockchain and digital assets is inspiring a new perspective on the tax implications of these transactions. There is a focused tax guide that leads many professionals to use analogies, case law and basic tax principles. This portfolio represents a significant step forward in offering comprehensive insights into the tax considerations of digital asset transactions produce this portfolio, which involved collaboration between more than 50 Deloitte Tax leaders who came together to produce this comprehensive resource.”
Portfolio 190 also discusses the potential consequences of activities and transactions undertaken by certain types of investment entities, outlines the standards necessary for reporting information, and provides an overview of some international and state tax considerations regarding digital assets. Covers the concept of barter transactions and the tax implications of using digital assets in place of fiat currency for regular business transactions. Additionally, the Portfolio details new types of financial products based on digital assets and the unique tax considerations based on their design. Finally, it covers compensation issues involving digital assets and tax considerations for individuals, estates and trusts that invest in or use digital assets.
“The taxation of digital assets is complicated and often involves unique business models that require careful consideration of the technology as well as the facts and circumstances surrounding the transactions,” said Conor O’Brien, senior manager at Deloitte Tax LLP and a by the principal authors of Portfolio 190. “This Portfolio is intended to serve as a guide to address these complexities and refer to relevant authoritative tax frameworks.”
“The world of digital assets is rapidly evolving, and it is critical that tax professionals have access to perspectives and examples from thought leaders who share real-life examples and scenarios,” said Heather Rothman, vice president of analytics and content, Bloomberg Tax & Accounting. . “The valuable guidance from this portfolio, which enables tax professionals to navigate the complexities and better serve their clients and organizations in this evolving landscape, is a testament to Bloomberg Tax’s commitment to providing our clients with practical and depth that they can trust.”
The tax management portfolio, Taxation of cryptocurrencies and other digital assets, n. 190-2nd can be cited as a reference for the taxation of digital assets, marking a significant contribution to the evolving discourse on the taxation of cryptocurrencies and other digital assets.
About Bloomberg Tax & Accounting
Bloomberg Tax & Accounting provides professional-led research and technology solutions that deliver timely strategic insights to enable smarter decisions. From our unrivaled tax management portfolios to technology designed to simplify the most complex planning and compliance scenarios, we provide essential news and analysis, practical perspectives and software that help tax and accounting professionals around the world mitigate risk and maximize results corporate. For more information visit Bloomberg tax.
About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of Fortune 500® companies and more than 8,500 privately held U.S.-based companies. At Deloitte, we are committed to living our purpose of creating a impact that matters creating trust and confidence in a more equal society. We leverage our unique blend of business acumen, technology mastery and strategic technology alliances to advise our clients across industries as they go build their future. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that matter most to them. With more than 175 years of service, our network of member companies extends into more than 150 countries and territories. Learn how Deloitte’s approximately 457,000 people around the world connect to impact www.deloitte.com.
Deloitte refers to one or more Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms and their related entities. DTTL and each of its member companies are legally separate and independent entities. DTTL (also known as “Deloitte Global”) does not provide client services. In the United States, Deloitte refers to one or more of DTTL’s U.S. member firms, their related entities doing business using the “Deloitte” name in the United States, and their respective affiliates. Some services may not be available to attest clients under public accounting rules and regulations. Please look www.deloitte.com/about to learn more about our global network of member companies.
SOURCE Deloitte