US Reps Urge IRS to Clarify Reporting of Crypto Taxes Ahead of April 15 Deadline

U.S. Congressmen sent a bipartisan letter to the IRS asking to clarify the basics of crypto tax reporting.

Members of the United States Congress sent a joint request to the Internal Revenue Service (IRS) to provide clarity on reporting crypto taxes, according to an announcement on April 11.

21 different representatives sent a bipartisan letter to the U.S. tax authority requesting guidance on how to report virtual currency taxes. The action took place before the filing deadline for federal income tax returns on April 15, 2019.

In the letter, the representatives mentioned the IRS’s previous efforts to establish a tax treatment for virtual assets. The letter noted that the IRS’ approach to virtual property and currency transactions was one of the most serious problems encountered by taxpayers back in 2008.

The lawmakers also noted that the IRS released guidance in 2014, but the Inspector General for Tax…

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2019-04-11 21:45:00

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Written by Cointelegraph

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