Altcoin News: The US Tax Administration Will Update the Guide for Crypto Traders for the First Time Since 2014

May 21, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The US Tax Administration (IRS) is working on creating a new tax guide for the cryptocurrency industry, the first since 2014.

Responding to a question from Tom Emmer and 20 other members of the House of Representatives on the further actions of the department in this direction, IRS Commissioner Charles Rettig promised to release a detailed guide for the crypto industry in the near future.

“I share your belief that taxpayers deserve clarity on basic issues related to the taxation of virtual currency transactions and have made is a priority for IRS to issue guidance. We have been considering these issues and intend to publish guidance addressing these and other issuance soon,” wrote Rettig, while acknowledging the existence of a “significant level of uncertainty in several aspects of taxation” of the new asset class.

In particular, the document being prepared covers such items as priority methods for calculating the base price of cryptocurrencies and taxation of assets received as a result of forks.

Rettig emphasized that virtual currencies are currently classified as property and governed by all applicable laws. He also assured the congressmen that his department was working with industry representatives to identify issues that require the most attention.

Update the rules of taxation cryptocurrency A group of members of Congress “strongly urged “ the IRS last September.

Author: Marko Vidrih