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On November 15, President Biden signed the more than USD 1 trillion Infrastructure Investment and Jobs Act (the Infrastructure Act) into law. Despite substantial criticism and various attempts to amend the bill while it was under debate in Congress, the Infrastructure Act includes two changes to provisions of the Internal Revenue Code (Code) that deal with reporting obligations for certain digital assets transactions. Although one of these changes received much more attention than the other.

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Article first published in Bloomberg Tax, December 2021.

Author

David Zaslowsky is partner in the Litigation Department of Baker McKenzie's New York office. He helps companies solve complex commercial disputes in arbitration and litigation, especially those involving cross-border issues and Section 1782 discovery. David has a degree in computer science and, as a result, has worked on numerous technical-related disputes, including, most recently, those involving blockchain. He is the editor of the Firm's blockchain blog and co-editor of the firm's International Litigation & Arbitration Newsletter. David has been included for a number of years in the Chambers USA Guide and Chambers Global Guide for his expertise in international arbitration. He also sits as an arbitrator and is on the roster of arbitrators for a number of arbitral institutions. David sits on the Board and chairs the governance committee of the New York International Arbitration Center, and is a founding member of the International Arbitration Club of New York. As detailed below, for over 30 years, he has written and spoken often on the subjects of arbitration and international litigation.

Author

Christopher Murrer is an associate in the FinTech, International Tax and Wealth Management practice groups of Baker McKenzie Zurich. He joined the Firm after practicing for seven years as tax and wealth planning attorney in New York and Washington, DC.