Are you a US based platform that offers a network for sellers/users to earn money from other buyers/users? If you have sellers using a main address in an EU country or offering real estate for rent that is located in an EU country, then read on for how the EU DAC7 could impact you. We use draft guidance from the Netherlands as a case study for understanding the exposure.

The case of Jarrett vs US caused a big flurry of news in the crypto universe back in February 2022 when the IRS decided that they no longer wanted to pursue the issue and sent a refund check to Jarrett for the disputed taxes. We take a second look at taxation of staking rewards that are paid through delegations, including those from centralized exchanges (i.e. private, off-chain), by challenging the idea of “receive from someone else”.

The so called “small seller” exception in DAC7 for platform operators states that such sellers are Excluded Sellers when they have sold goods below a certain threshold. Only those sellers that are not Excluded Sellers are to be documented and reported annually. Can platform operators collect documentation from sellers before they reach these thresholds? We explore how GDPR may prevent this.

There are 3 common mistakes I see in US Form 945 and 1042 filings which can sometimes take years to surface and are expensive to unwind. If you have ever received an unexpected refund check from the IRS for Form 945 or 1042 then you may have one of these skeletons lurking in your closet.

It can be difficult navigating IRS withholding and reporting on payments for services performed by non-US vendors (e.g. Form 8233, Form W-4, Form W-8, Form 1042-S, and Form W-2). We have developed a simple matrix to help your vendor payments teams better understand the relationship they have with the vendor and how this drives the proper documentation, rate of withholding, and year end reporting.

In anticipation of upcoming changes to IRC 1446(f) and other regulations, the IRS has released draft versions of all Forms W-8 (BEN, BEN-E, ECI, and IMY but not EXP). We explore what the changes mean and what actions payors/withholding agents should take.

With tax reporting regulations coming down the pipeline in both the US and Europe, crypto brokers can start preparing now by creating awareness in their organisation in order to mobilise fast when the moment arrives. These reporting rules have been around for years in the rest of the financial services industry. Crypto brokers can learn from the experiences of their financial services peers rather than reinventing the wheel.

The IRS is making it more difficult for Qualified Intermediaries (QIs) to communicate with them by pushing more services into their secure digital platform E-Services. In order to get an account with E-Services, you must have a staff or point of contact that meets a list of requirements that few QIs can meet. Find out what is changing and what you can do about it to minimise disruption to your business.