Congress Again Pressing IRS to Issue Crypto Taxation Guidance
With Tax Reform in the rear view manner, Congress is pressing the IRS to issue additional virtual currency guidance.
Soon? Two Weeks? I wouldn't be surprised to find out some guidance is already in the works.
You can read more here.
Open Issues Include:
- Taxation of Forks
- Taxation of AirDrops
- Basis alternatives to "specific identification"
- Migration of utility token rights from a smart contract to a main net chain (token swap).
- Taxation of tokens issued in Initial Coin Offerings (ICO's) (i.e. to companies).
- Foreign Bank Account Reporting (FBAR) requirements
I still owe a couple articles on the latter two points and FBAR is a topic I hope to address by the end of the month due to the upcoming October 15th deadline.
For detailed guidance on cryptocurrency taxtation issues, please feel free to check out the E-Book: https://steemit.com/bitcoin/@cryptotax/crypto-tax-series-e-book-april-2018-edition-u-s