US IRS TO SOON ISSUE CRYPTO TAX GUIDANCE

May 21,2019 at 10:13 pm



The commissioner of the U.S. Internal Revenue Service told a lawmakers on Monday that the agency is working on its first tax guidance for cryptocurrency since 2014.


In a reply to Rep. Tom Emmer’s request for further guidance on reporting cryptocurrencies, IRS Commissioner Charles P. Rettig outlined a non-specific plan to release in-depth guidance in the near future.


“I share your belief that taxpayers deserve clarity on basic issues related to the taxation of virtual currency transactions and have made it a priority of the IRS to issue guidance,” Rettig wrote.


The IRS is working on guidance for “acceptable methods for calculating cost basis, acceptable methods of cost basis assignment, and the tax treatment of forks” according to the letter.


Guidance on these and other issues will be published “soon,” Rettig wrote.


“I am glad to hear of the IRS’ plans to issue guidance on this important issue,” Rep. Emmer said in a statement after receiving Rettig’s reply. “Taxpayers deserve clarity on several basic questions regarding federal taxation of these emerging exchanges of value. I look forward to seeing their forthcoming proposal, and working together to serve the American taxpayers.”


Rep. Emmer is part of the Congressional Blockchain Caucus, a group of lawmakers that aims, among other goals, to solidify the reporting requirements and legal requirements associated with cryptocurrencies.

BCH $500/one time

Earn an average $137.19/month

  • Hashpower 18 TH/S
  • Mining days: 730
  • Alghoritm: SHA-256
  • Daily Fees: $2.79

You may also like:

How much can you earn with
?

  • BCH $500 18 TH/S
  • BCH $250 9 TH/S
  • BCH $1000 36 TH/S
  • BCH $5000 180 TH/s
You can earn an average of $137.19/month
Maximum earning for this package $ 150.909 per month Actual earning for this package $ 130.3305 per month Algorithm SHA-256 Daily Fees $ 2.79
You can earn an average of $68.58/month
Maximum earning for this package $ 75.438 per month Actual earning for this package $ 65.151 per month Algorithm SHA-256 Daily Fees $ 1.39
You can earn an average of $274.35/month
Maximum earning for this package $ 301.785 per month Actual earning for this package $ 260.6325 per month Algorithm SHA-256 Daily Fees $ 5.58
You can earn an average of $1375.74/month
Maximum earning for this package $ 1513.314 per month Actual earning for this package $ 1306.953 per month Algorithm SHA-256 Daily Fees $ 27.5