On Monday, new details emerged on progress regarding the regulatory framework for operations with cryptocurrencies. The IRS is working on this manual more 2014. In response to the request of Congressman Tom Emmer about further recommendations to reporting on cryptocurrency Commissioner Charles P. Rettig presented a plan to release detailed recommendations in the near future.
The statement was as follows.
I agree with you that taxpayers deserve clarity on the main issues of taxation of transactions made with the virtual currency. And therefore this recommendation is now a priority for the IRS.
According to the text of the letter, management is considering acceptable costing methods, pricing and taxation of the cryptocurrency forks. Congressman Emmer noted that it was important to hear about positive progress on these issues. He even made a statement once received a response from Rettig. Full text of the letter can be viewed here.
Taxpayers deserve clarity on several key issues related to the Federal taxation of these emerging means of exchange of value. I hope to see progress in the near future, it will benefit the American taxpayer.
Emmer is a member of the Congressional Future Caucus, a group of officials, which seeks to bring working with cryptocurrencies in the legal field. He sent a request to the IRS asking you to provide any information on this account with a term until may 15, 2019.
How else associated taxes and cryptocurrency?
In November last year the news broke that in Ohio you can now register for the payment of tax contributions in bitcoins. As it was reported, the transaction must process the cryptocurrency payment service BitPay.
In our cryptodata there are still a lot of other useful information.
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