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August 02, 2021

Sion Bell

Blog Post

cryptocurrencyIRS

Good News for the IRS: The Economic Substance Doctrine Already Prevents Crypto Tax Avoidance

Much has been made of the ways that crypto investors have been able to skirt existing tax rules to reap massive financial gains tax free. The underlying premise is that because of loopholes in tax laws, crypto investors are able to legally avoid taxes — as opposed to illegal tax evasion — and that only by fixing our laws to close those loopholes can we ensure that crypto holders pay their taxes.

July 27, 2021 | Washington Monthly

Sion Bell Timi Iwayemi

Op-Ed

cryptocurrencyFinancial RegulationFintechTax

How to Catch Bitcoin Tax Cheats

Crypto is a global phenomenon, and one with a rapidly growing capacity to upend tax administration worldwide. The U.S. has been slow to act to combat this threat, but clever use of extant unilateral and multilateral laws on information sharing and programs that capitalize on expertise and information outside government provide opportunities for much better protection against tax evasion. If Biden and his administration are committed to closing tax loopholes, they must use every tool available.