IRS Releases Guidance on Cryptocurrency Hard Forks | McDermott Will & Emery
To embed, copy and paste the code into your website or blog: On April 9, 2021, the Internal Revenue Service (IRS) released Chief Counsel Advice memo 202114020 (Hard Fork CCA), which details the potential tax consequences for taxpayers who held Bitcoin prior to the August 1, 2017, Bitcoin hard fork. While the Hard Fork CCA concerns the taxation of a particular cryptocurrency transaction, it has additional significance because it adds to the limited guidance available regarding the proper taxation of cryptocurrency more generally. IN DEPTH A cryptocurrency hard fork occurs when the blockchain o...