Common Issues with Navigating the Changing Landscape of Multistate Taxation of Crypto Currency & Crypto Based Companies


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State Taxation varies across every state in the United States. Specifically at a State and Local Tax (SALT) level, every jurisdiction has its own tax code and tax treatment for various applications. For example, the way California may classify revenue from a certain company is not the same as Texas will perceive the revenue. Of course, the Supreme Court of the United States has weighed in on limitations of a state’s power to tax, citing the Commerce Clause and various other constitutional considerations. One of these with concerns to Crypto Currency Companies is Nexus, or the minimum connection needed to a state to establish a tax filing responsibility.

As Crypto Currency is a relatively new industry and States often have different approaches to defining and taxing crypto currencies. Some may treat them as property, while others classify them as currency or commodities. This lack of uniformity can lead to confusion and compliance challenges for businesses operating in multiple states. Another issue is determining the tax nexus for crypto businesses can be complex. States may assert tax jurisdiction based on factors like physical presence, economic presence, or the volume of transactions conducted within their borders. In addition some states impose Sales and Use Taxes on Crypto Currency transactions adding an additional layer of complexity.

Given the dynamic nature of the crypto currency industry, businesses operating in this space must remain vigilant and adapt to changes in state tax regulations to ensure compliance and mitigate potential risks. This Lecture will outline specific rules and give a broad overview of these issues and how to potentially spot a growing client concern in this industry.

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