Crypto Tax Rules Need Clarity, US Congress Tells Revenue Agency
Cryptovest
Published Sep 21, 2018 05:54AM ET
Updated Sep 21, 2018 07:00AM ET
Crypto Tax Rules Need Clarity, US Congress Tells Revenue Agency
The US House of Representatives has urged the Internal Revenue Service (IRS) to release a new, comprehensive version of its cryptocurrency guidance because the existing rules are outdated and unclear for taxpayers. In an open letter on Wednesday, the Committee on Ways and Means said the IRS should stop expanding its authority without official notice to citizens.
In 2014, the revenue agency issued its first crypto asset guidance, which was defined as preliminary. This framework lacks clarity and creates difficulties for virtual coin holders because they do not know their actual obligations, the lawmakers explained. The current situation has a lot of loopholes as the guidance only indicates that cryptos are possibly treated as property for tax purposes.
The tax collection authority had enforced sever...
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