US: IRS Advisory Committee Calls for Additional Guidelines on Crypto Taxation

An advisory committee of the U.S. Internal Revenue Service (IRS) wants the agency to provide additional guidelines for the taxation of crypto transactions, according to a 2018 general report published Oct. 24.

Although in 2014 the IRS had already issued commentary specifically on digital currencies, recommending they be treated as a property, the Information Reporting Program Advisory Committee (IRPAC) believes that crypto-specific taxation should be reviewed due to the growing public interest in cryptocurrencies.

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