USA’s IRS hosts crypto panel discussing exchanges, taxes, regulations & publishes ‘non-binding’ FAQs

posted 3 months ago
The IRS hosted panels this past week discussing crypto technology, exchanges, the tax filing process and regulatory guidance in a daylong session uniting industry stakeholders, tax experts and regulators. The goal: Sort out some of the questions and concerns the broader crypto-holding public has about reporting its taxes.

Notably, virtual currency made it to the IRS’s priority guidance plan published last Friday.) At the event, from the IRS side, numerous agency employees filled the auditorium and had many questions, such as asking for clarity on how blockchain forensics work on a technical level, how privacy coins differ from cryptocurrencies like Bitcoin, and what specifically they could do to simplify the process for taxpayers. It’s worth noting, the IRS published crypto FAQs but they’re not binding guidance, and the IRS can change any recommendations as it desires.
Tags: bitcoin, blockchain, news