Miles Fuller

Crypto tax policy is evolving, and clear guidance is key to industry growth. I joined @jacqmelinek on @_TalkingTokens to discuss: 📌 The biggest challenges in crypto tax reporting 📌 How businesses & investors can stay compliant 📌 What 2024 regulations mean for digital assets

🎙️ NEW: Crypto taxes can be complicated, but TaxBit’s Director of Government Solutions, Miles Fuller (@taxbitmiles), helps make sense of it all. On this episode of The Agenda with @HorusHughes and @maddopemadic we sat down with Miles Fuller to unpack what investors and businesses need to know under the new Trump administration.

@markasher32 talks with @TaxBitMiles from @TaxBit about Crypto Tax Requirements then Jacob Schmitt CEO Arizona’s Children Association drops by we have the business of sports and our crosstalk with @Mastering_Money #crypto #taxes #children #stocks traffic.libsyn.com/bizbreakfast/0…

@CryptoTaxGuyETH @coincenter That’s my bad. I missed the last one in the thread but I agree with that 100%. I would not be surprised if the IRS issued some formal clarification soon to ease nerves.

@TaxBitMiles @coincenter See final tweet of my thread

Good blog post by @coincenter on 6050I reporting reqs, which are now in effect. A few observations (🧵)…

5/ Treasury hasn't helped here because it still has not issued proposed regs implementing the reporting rules. But Kraken's statement may also indicate that industry has not taken any steps toward the implementation of the systems necessary for compliance with those rules

4/ The second argument is more interesting because Kraken is saying that it is really hard to compile the responsive data, even after 2 years. And after Congress passed information-reporting rules for crypto 18 months ago requiring access and reporting for similar data

1/ Yesterday, Kraken filed its response to the IRS's attempt to obtain user data for US customers through a John Doe summons. It has been 2 years since the IRS served Kraken with the summons. The IRS sought court enforcement earlier this year. The IRS has until May 5th to reply

7/ Using the Ethereum Merge as an example, today's guidance implies that the new PoS ETH is not taxable. Except the Merge was a contentious hard fork and PoW ETH continued to exist after the fork. Users likely want to know which version of ETH is considered taxable--PoS or PoW

6/ The one question that neither this guidance nor Rev. Rul. 2019-24 totally answers is how to identify, after a contentious hard fork, which property is considered the continuously-owned property vs. the new (taxable) stuff

1/ Today, the IRS released a new piece of guidance on crypto, stating that a change to a blockchain protocol is not a taxable event. The additional clarity is a good step as the IRS continues to address unique questions arising from DLT functionality. irs.gov/pub/irs-wd/202…

Check out the latest episode of, The Bitcoin Verdict, our own @TaxBitMiles joins @HaileyLennonBTC and team to discuss crypto tax.

Thanks for reaching out! @megdematteo @CoinDesk This is a huge step by the IRS and can be an opportunity to provide some tax clarity around NFTs.

“State governments are still in the early educational stages of learning about blockchain,” said @TaxBitMiles, “You have some people, particularly state legislatures, that see this as the wave of the future, a technological infrastructure that can be very beneficial to society.” Via @GCNtech @chris_teale gcn.com/emerging-tech/…