Crypto Compliance Guidance In The Works, Top IRS Atty Says

Law360 (October 17, 2019, 12:12 PM EDT) -- The Internal Revenue Service is working on additional guidance on cryptocurrencies to address questions about compliance, including the calculation of basis, valuation and information reporting, the agency’s chief counsel said Thursday.

The IRS has said the biggest problem is not erroneous cryptocurrency reporting but failure to report cryptocurrency transactions altogether. (Getty) While the agency released cryptocurrency guidance last week on the treatment of so-called hard forks and airdrops, the IRS is aware that virtual currency users and tax practitioners have additional questions that need to be addressed, Chief Counsel Michael Desmond said at a conference hosted by the Urban-Brookings Tax Policy Center...

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