Regulations
By Maheen Hernandez
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There was a significant increase in the usage of Altcoins, despite the 2018 bear market. When Bitcoin split, the investors were left with free tokens that they did not pay…
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In the history of IRS, there are no guiding Acts to cover for token splits and related taxes. The IRS has to release new guidelines to provide for such instances.
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The IRS has recently stated that the investor will have to determine the cost basis reasonably for consistent application of the procedure.
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The problem about the reasonability in dealing with the cost basis is also an important question among lawmakers who have stated, “There is particular urgency in resolving the…
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The IRS has issued these guidelines only recently, and they have been no so cooperative in the past.
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Kevin Brady, the Chairman of House Ways and Means Committee recently sent a letter to the IRS requiring clarity on how cryptocurrencies are to be taxed.
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Cryptocurrency is considered to be a property in the United States. And, it is important to pay taxes on every cryptocurrency transaction, even if it is about buying a…
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It is not very easy to say whether the reluctance of the IRS to issue taxation guidelines is related to the IRS not liking the cryptocurrency or the IRS not understanding the…
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US congressmen urged the IRS to provide clarity concerning BTC, ETH and other cryptocurrencies.
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The major areas around, which clarification has been sought to sort the confusion among cryptocurrencies include providing for acceptable methods for calculating the cost basis…
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The congressmen have required the IRS to provide a reply by May 15, 2019, which is a month after the US Tax day, which is April 15, 2019.
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