Virtual Currency Tax Guidance Sought by Lawmakers

April 11, 2019, 9:13 PM

A bipartisan group of 21 lawmakers urged the IRS to issue more guidance on the tax consequences and basic reporting requirements of cryptocurrency users.

The only official guidance from the Internal Revenue Service on the taxation of cryptocurrencies—or virtual currencies—is a 2014 notice (Notice 2014-21) that says those assets are treated as property for federal tax purposes.

  • “While we acknowledge and appreciate the guidance your agency released in 2014, there is still substantial ambiguity on a number of important questions about the federal taxation of virtual currencies,” members of the Congressional Blockchain Caucus ...

To read the full article log in. To learn more about a subscription click here.