Internal Revenue Service Plans To Release Crypto Guidelines

cryptowarrior88 (59)in #cryptocurrency • 5 years ago

Charles Rettig, the commissioner at the Internal Revenue Service (IRS), has recently told U.S. representatives that it will soon issue a clearer guidance towards cryptocurrency taxation.

Back in September 2018 a group of U.S. bureaucrats who sent a format letter to the IRS asking for more clarification in regard to the way cryptocurrencies are taxed in America.

The initiative was led by U.S. representative Kevin Brady and Tom Emmer and a variety of other state officials who insisted in the letter that digital assets needs clearer guidelines.

As it stands cryptocurrencies like Bitcoin are considered properties and should be subject to existing taxes that relates to properties, however the tax agency recognizes that with current development cryptocurrencies can be considered a medium of exchange and an investment vehicle and thus needs further guidelines how they are taxed.

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