David Forst

2 days ago | jdsupra.com | Matthew Dimon |David Forst |Sean McElroy

On April 10, 2025, President Donald Trump signed a joint resolution to repeal the DeFi broker reporting regulations which were finalized in December in T.D. 10021. Accordingly, participants in DeFi ecosystems are presently not subject to broker reporting requirements. The rules relating to centralized exchange broker reporting finalized in T.D. 10000 are still slated to go into effect in 2026 for transactions effected on or after January 1, 2025.

1 month ago | jdsupra.com | Matthew Dimon |David Forst |Sean McElroy

On March 4, 2025, the U.S. Senate passed joint resolution S.J.Res.3, disapproving the DeFi broker reporting regulations Treasury finalized at the end of the Biden Administration. Senator Ted Cruz (R-TX) introduced the resolution earlier this year alongside several other senators. The resolution passed the Senate pursuant to the Congressional Review Act (CRA) with significant bipartisan support, with 70 senators approving the challenge.

Jul 5, 2024 | jdsupra.com | Matthew Dimon |David Forst |Kevin Kirby

The U.S. Treasury Department and the Internal Revenue Service issued final broker reporting regulations addressing transactions in digital assets for centralized exchanges and hosted wallet providers. Separate regulations for decentralized finance (DeFi) and other non-custodial industry participants are expected in the coming months. The final regulations are effective starting January 1, 2025, with certain provisions only coming into effect on January 1, 2026.

Jan 9, 2024 | jdsupra.com | David Forst |Adam Halpern |Michael Knobler

The book has closed on 2023, but several recent tax-related rulings are sure to have ripple effects into 2024 and beyond—particularly with respect to transfer pricing and foreign tax credits. Here are five cases that will continue to shape the tax landscape in the coming year and affect how you do business. Look ahead to 2024 with more valuable tax insights. Moore Unrealized Income CaseCharles G. Moore, et ux., Petitioners v.

Dec 20, 2023 | mondaq.com | David Forst |Sean McElroy

With the invention of every new technology comes an inevitable question: how should that new technology be taxed? Generally speaking, the history of American tax law has followed a predictable pattern as it relates to the development of new technology. The new technology is invented and then the existing tax rules are adapted to provide clear answers as to how the new technology fits into the existing Internal Revenue Code (the "Code").