Sideman & Bancroft’s tax lawyers and leaders of the Tax Group, Jay Weill, Steve Katz, and Travis Thompson, hosted a webinar crucial to the current environment of tax law titled “IRS Voluntary Disclosure Program Update for Owners of Digital Assets” in partnership with CalCPA.
In recent years, the ownership of digital assets has seen a rapid surge both domestically and internationally. However, despite their technological prowess, many digital asset owners still struggle with the intricacies of U.S. tax laws. This has resulted in inadvertent triggering of taxable events and failure to report gains and losses on U.S. tax returns, particularly among U.S. residents who own digital assets through international exchanges.
Amidst the increasing uncertainty caused by the recent challenges faced by exchanges like FTX and Binance, taxpayers find themselves in need of professional guidance and support. This webinar aimed to address these concerns and provide valuable insights to help taxpayers understand their options and achieve compliance.
During the webinar, San Francisco tax lawyers, Weill, Katz, and Thompson delved into a range of crucial topics, including recent updates in the IRS’s Voluntary Disclosure Program for cryptocurrency and digital asset owners. They also discussed the essential requirements of FBAR filings, the anticipated improvements in enforcement of digital asset cases through the Inflation Reduction Act, and the key considerations tax practitioners should be aware of for the future.
Sideman & Bancroft’s tax lawyers, renowned for their expertise in tax law, is committed to providing valuable knowledge and guidance to ensure digital asset owners are equipped to navigate the complexities of U.S. tax regulations effectively.
