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Congress to IRS: Proof-Of-Stake block rewards should not be taxed as income
A bipartisan group of members of Congress have sent a letter to the Internal Revenue Service asking that staking rewards for validators in proof-of-stake networks be taxed when sold rather...
Congress takes a step toward a de minimis exemption for everyday cryptocurrency transactions
The Virtual Currency Tax Fairness Act of 2020 was introduced with bipartisan sponsors in Congress today. It would create a sensible de minimis exemption for low value cryptocurrency transactions in...
Eight members of Congress have asked the IRS to fix its broken guidance on forks and airdrops.
In October the IRS released long overdue answers to pressing questions about how Americans can properly calculate their taxes owed for various cryptocurrency activities. Unfortunately, that guidance is muddled, raises...
Taxing Cryptocurrency Block Rewards
Cryptocurrency networks have no dollars or other real currency to be spent on their own maintenance. Instead, newly minted cryptocurrency tokens are used to encourage people to help maintain the...
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...
IRS Cryptocurrency guidance answers some questions while raising messy new ones
The IRS has finally released new guidance on cryptocurrency tax treatment and it’s a mixed bag with one very bad consequence. Last April, we published a report calling for guidance...
On July 26, the IRS announced it was sending “educational” letters to more than 10,000 taxpayers that the agency suspects “failed to report income and pay the resulting tax from...
FOIA documents reveal cryptocurrency guidance has not been a priority for the IRS
On May 16th, in response to a letter from 21 members of Congress, IRS Commissioner Charles P. Rettig wrote, “I share your belief that taxpayers deserve clarity on basic issues...
The IRS has told Congress that it will issue new cryptocurrency tax guidance soon.
In a new letter, the IRS Commissioner said he has “made it a priority” to issue additional guidance on crypto taxation. Last week, Commissioner Charles Rettig responded to an April...
Congress just sent a letter to the IRS about “urgent need for guidance” on crypto taxes.
Today, 21 members of Congress, led by Rep. Tom Emmer, sent a letter asking the agency to issue needed guidance on the tax consequences and basic reporting requirements for taxpayers...