In April 2021 the U.S. Department of the Treasury removed the United Arab Emirates from the List of Countries Requiring Cooperation with an International Boycott, easing certain tax reporting requirements. More information can be found here: https://www.jonesday.com/en/insights/2021/04/uae-removed-from-us-treasurys-boycotting-countries-list
Cryptocurrencies such as bitcoin are perhaps blockchain's best-known application. As these and other blockchain-based digital assets become more common - and attract more regulatory and legislative attention - it will be crucial to keep up with the latest guidance, particularly given the often counterintuitive income tax consequences of transacting with cryptocurrency. This 2019 white paper briefly addresses the technical and legal background of blockchain technology and cryptocurrencies, highlights some of the key tax issues, and identifies selected open issues that are creating some of the most uncertainty for taxpayers: https://www.jonesday.com/en/insights/2019/04/blockchain-and-tax
Internal Revenue Service guidance published in 2021 clarifying the tax treatment of hard forks and proposed tax rate increases on capital gains could significantly impact cryptocurrency holders. More information is available here: https://www.jonesday.com/en/insights/2021/05/cryptocurrency-tax-update
