Cryptocurrency has revolutionized the financial markets but also created tax traps for the unwary investor. Building on proposed regulations issued in 2023, the IRS has increased its oversight of cryptocurrency transactions by requiring brokers, beginning in 2025, to report investor sales and exchanges in connection with such transactions. Taxpayers not complying with these requirements may face penalties based on accuracy of reporting. For federal tax purposes and regulatory compliance, any form of virtual currency is treated as property and not cash.
Within the wealth management context, Waller provides advice and counsel related to both business decisions and family dynamics that are unique to high net and ultra-high net worth families and individuals. Our clients seek guidance on a number of scenarios including: > New venture planning > Asset disposition > Family member or sibling disputes > Planning around a medical event > Private trust company formation and operation > Real property acquisition or disposition > Trust planning for family members incapable of managing the business. We also help our clients with their family charitable foundations and perform services for large non-profit organizations. In addition to our wealth management services, Waller is a full-service law firm serving corporate and individual clients across the spectrum of legal needs including mergers and acquisitions, intellectual property, dispute resolution, labor and employment, real estate, and government relations. We are particularly focused on serving the health care, the financial services, the real estate and the private equity industries.