IRS Claims to Prioritize Tax Rules for Crypto Investors but Lacks Urgency

The IRS says it is making crypto tax guidelines a priority but the agency has a history of moving at a snail’s pace. | Source: Shutterstock

By CCN: Cryptocurrency investors may soon have more clarity on how the IRS will tax their holdings now that the agency has said it is making that a priority.

The latest IRS acknowledgment of crypto taxation issues is in response to members of Congress. Last month, they fired off a list of demands to the agency, leading to a positive response.

Crypto players immediately took notice.

[embedded content]

We Need IRS Guidance Now

Congressman Tom Emmer (R-MN) and his fellow co-chairs of the Congressional Blockchain Caucus wrote the IRS about issuing guidelines for “reporting virtual currency on tax day.”

In the letter, Rep. Emmer said the IRS “expressed their intent to publish guidance.”

The specific issues the lawmakers asked the tax agency to address are:

Read the full story on CCN.com.