IRS Doesn’t Get Cryptocurrencies: Here’s Why

One thing the IRS does know is that it wants a share of your crypto

Op Ed: IRS Doesn’t Get Cryptocurrencies: Here’s Why

“After five long years, the Internal Revenue Service (IRS) in the U.S. finally decided to release additional guidelines in October 2019 regarding crypto taxes. While the guidelines have brought some measure of relief by clearing up some important ambiguities, many say they’ve left more confusion behind. So what is the problem here really? Is it the fact that cryptocurrencies are a whole new asset class that regulatory authorities like the IRS have a hard time understanding? Or is it that the nature of certain crypto transactions is so complex that the existing tax framework is simply inadequate?”

Master Asked on December 16, 2019 in Cryptocurrency.
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