• Mon, 15 Jul 2019, 06:08 PM
  • All times are UTC
  • Edition:
Copy link
Increase text size
Decrease text size
Link copied

IRS to introduce new bitcoin guidance in the 'coming weeks': Report

Photo by David McBee from Pexels

Mon, 08 Jul 2019, 03:18 am UTC

The U.S. Internal Revenue Service (IRS) will be updating its current 2014 guidance on bitcoin tax in the coming weeks, the Wall Street Journal reported.

Based on its IRS Notice 2014-12, bitcoin and other crypto assets are convertible virtual currencies with no legal tender status and are deemed as either an asset or a property.

However, a letter to Rep. Tom Emmer stated that the IRS guidance updated “would address methods for calculating taxes and ‘other issues,” the report noted.

The move follows after a request was made by a bipartisan group of 20 lawmakers last April. The report stated that the U.S. Congress is considering passing at least three bills to clarify legal issues about cryptocurrencies, in a bid to boost the emerging industry.

Policymakers have acknowledged that the cryptocurrency industry in the United States lags behind that of in other countries including Japan and Switzerland. Last April, the Token Taxonomy Act of 2019 was introduced, requiring the Securities of Exchange and Commission (SEC) to change the Securities Act of 1933 and the Securities Exchange Act of 1934 to exclude crypto assets from the definition of a security.

In addition, the Blockchain Promotion Act of 2019 was introduced last February to exempt nonfinancial, blockchain-based businesses from being categorized as money transmitters and to create a working group that will determine a consensus-based definition of blockchain technology.

Blockchain has the potential to be a catalyst for sustained economic growth across all industries in America,” Senator Todd Young said, adding that it has “the potential to not only provide financial and economic benefits at home, but humanitarian and social support in developing countries will benefit from American leadership.”

The report follows after earlier reports revealed that the IRS will start auditing taxpayers who own crypto-assets. It allegedly made a list of taxpayers who failed or underreported their crypto incomes and identified U.S. citizens should anticipate a notice letter soon.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $10,478.90 (-0.77%)
  • Ethereum (ETH) $228.24 (-3.98%)
  • XRP (XRP) $0.315500 (+0.49%)
  • Litecoin (LTC) $90.56 (+0.14%)
  • Bitcoin Cash (BCH) $310.39 (+0.12%)
  • Bitcoin (BTC) $10,478.90 (-0.77%)
Jul 15, 2019 (Monday)
Crypto Technicals: XRP/USD extends weakness below 200-DMA, on track to test trendline support at 0.28
Draft of India’s cryptocurrency ban bill surfaces online
Shinhan Card patents blockchain-based system with credit card functionality
IOTA, MOBI, SAP, Deutsche Telekom and others join Convergence Alliance focused blockchain, AI, IoT
Crypto Technicals: LTC/USD pauses downside at 84 handle, bias still bearish
Crypto Technicals: BTC/USD holds support at 55-EMA (9854), break below will see further weakness
Enterprise blockchain firm R3 eyes IPO: Report
Bank of Thailand reviews blockchain applications in multiple areas
PayFast to stop accepting Bitcoin as payment method due to high fees, slow process time
U.S. lawmakers seek to prevent big tech companies from offering cryptocurrencies
Georgia VAT-exempts cryptocurrencies
Bitpoint Japan finds part of stolen cryptocurrency
South Korean companies team up to build blockchain-based identification system
Jul 12, 2019 (Friday)
Litecoin becomes official cryptocurrency of American football team Miami Dolphins
Crypto Technicals: Ripple breaks below 200-DMA, opens up further downside
Japanese cryptocurrency exchange Bitpoint loses $32M to hackers
US Election Commission to approve Congressional candidate's Ethereum token giveaway plans
HSBC reduces transaction time by 12 Days using Voltron blockchain platform
Amazon, Deloitte, Fidelity support IDEO CoLab's free blockchain accelerator program
Turkey considers developing central bank digital currency
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.