IRS officials: Cryptocurrency tax guidelines may be released "within 12 months."

2023-04-29 09:19:03
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ChainCatcher news, Julie Foerster, the IRS cryptocurrency tax chief, stated that the IRS hopes to release cryptocurrency tax guidelines "within 12 months." She also mentioned that the IRS is planning to change its perspective on cryptocurrency and hopes to engage in more collaboration with the industry.

Currently, the IRS considers cryptocurrency to be convertible virtual assets that can be used as a means of payment for goods and services, facilitate digital transactions between users, and be exchanged for other currencies. Although not regarded as legal tender, for federal tax purposes, cryptocurrency is treated as property, meaning users must report their digital asset activities on their tax returns.

Foerster emphasized that digital assets are constantly evolving and that communication between the IRS and the crypto community needs to be strengthened. She specifically urged people to provide feedback on a proposal regarding the taxation of NFTs that was announced in March, with public consultation ending on June 9. (Source link)

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