Cryptocurrency investors may soon have more clarity on how the IRS will tax their holdings now that the agency has said it is making that a priority.
The latest IRS acknowledgment of crypto taxation issues is in response to members of Congress. Last month, they fired off a list of demands to the agency, leading to a positive response.
Crypto players immediately took notice. Congressman Tom Emmer (R-MN) and his fellow co-chairs of the Congressional Blockchain Caucus wrote the IRS about issuing guidelines for “reporting virtual currency on tax day.”