IRS Tells Congress it Will Prioritize Crypto Tax Guidance

 

 

 

 

 

The Internal Revenue Services has responded to an April 11 letter from Congressman Tom Emmer and 20 other congressional representatives, which requested that the agency provide clearer tax guidelines for cryptocurrency users. In his response, IRS Commissioner Charles P. Rettig promised that he has made the issuance of those guidelines a priority for his agency.

Rettig noted that the cryptocurrency industry has evolved in the years since the agency issued its last guidance, Notice2014-21, and that the IRS has received “numerous comments” responding to that notice. He also said that his agency has been “working with internal and external stakeholders” in an effort to determine which issues need to be clarified for taxpayers.

The Commissioner also acknowledged the issues raised in Congress’ April letter, and confirmed that the IRS is committed to addressing those concerns:

“I share your belief that taxpayers deserve clarity on basic issues related to the taxation of virtual currency transactions and have made it a priority of the IRS to issue guidance. Specifically, your letter mentions (1) acceptable methods for calculating cost basis; (2) acceptable methods of cost basis assignment and (3) tax treatment of forks. We have been considering these issues and intend to publish guidance addressing these and other issues soon.”

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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