🚨 Illinois just released draft rules for its new 0.2% Digital Asset Tax. One detail crypto investors need to know: Paying an exchange a fee to withdraw crypto to your own wallet can trigger the tax under the draft rules. NFTs are excluded. Stablecoins are not. The tax starts January 1, 2027, and public comments on the draft are open through October 30. Watch our breakdown of what Illinois crypto holders need to know. #IllinoisTax #CryptoTax #Crypto #DigitalAssets #Illinois

Got an IRS letter about unreported crypto? Do not ignore it. Deadlines can determine your options, and waiting can make the situation more difficult and expensive. And before calling the IRS yourself, consider speaking with a tax professional who understands crypto tax controversy. An IRS letter is a problem you need to address—not one you want to leave sitting unopened. #CryptoTax #IRS #Crypto #TaxAudit #TaxAttorney #GordonLaw

Does Chicago ever consider what they've lost when they lost Ken Griffin?

Why is the crypto industry pushing back against Illinois' new crypto tax? Because Illinois doesn't tax stock purchases this way. Starting in 2027, the state plans to impose a 0.2% tax on certain crypto transactions—creating a separate tax regime for digital assets. Critics argue this could discourage innovation, reduce investment, and push crypto businesses to more favorable states. Watch the full breakdown: youtu.be/EKwAS0--IhU #CryptoPolicy #CryptoTax #DigitalAssets #Bitcoin #Illinois

Introducing the official IRS app!

I spent two days in DC meeting with House and Senate staffers with @accounting (a modern American hero in my opinion) Here is what I learned: 1. Crypto education in DC has come a long way. It is not the fringe issue it once was. Several of the staff members had prior or current experience with crypto, and understand nuances around e.g. staking and mining. All reception felt reasonable and fair even where there was pushback. 2. Crypto is still a needlessly partisan issue. For a technology that improves financial access and opportunity, it is surprising how much resistance there is to providing clarity and support to this industry. The legislation that is put forward is being carefully considered as to what could reasonably pass in this environment, and far more angles are being analyzed than I would have imagined. 3. The US is not embracing crypto, but it is treating it fairly. At least on the tax side, there is a clear push to make reasonable laws that draw upon existing financial precedents and also take into account the technical reality of what crypto is. —— The two key issues that Andrew is pushing are: 1. A voluntary disclosure program for taxpayers who were not compliant from prior years simply due to not having any guidance to go off of. If passed this would have low or zero penalties vs the 50%+ it would cost now. 2. A deduction for scam victims. This is a plague that has accelerated because of AI and victims should not owe any tax on losses from theft. We also pushed for clearer and simpler mining and staking taxation laws that would personally affect me, however these took a back seat due to some partisan resistance. —— Andrew uses his personal expertise and resources to advance reasonable crypto tax law that helps everyday taxpayers. If you need crypto tax accounting or advice, I couldn’t give a higher recommendation.

H.R. 8957, the American Reserve Modernization Act, by @RepNickBegich, passed 28-21.

JUST IN: 🇺🇸 US House committee advances crypto tax bill.