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Coin Center has published a new plain English explainer on forks and airdrops to highlight ambiguities in recent IRS guidance.

Last week we published our analysis of the recently released IRS guidance. Our biggest concern with that guidance was that it incorrectly described how forks and airdrops occur, and therefore failed to provide much needed clarity with respect to how these events will be taxed. 

Today we published an updated explainer on forks and airdrops to provide policymakers with a plain english description of how these events actually unfold. We hope this material will help to underscore how inappropriate it would be to hold taxpayers liable for forked or airdropped assets that they have taken no affirmative steps to claim and of which they may not even be aware. We are working closely with tax professionals, members of Congress, and other policymakers to ensure that this ambiguity is quickly resolved in a manner that does not leave cryptocurrency users with unreasonable obligations.

Read the explainer here.