It’s reported the bills’ definition will cover “endogenously collateralized stablecoins,” which depend on the value of an attached cryptocurrency from the same creator for it to maintain a stable price.
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IRS Plans to Issue Guidance on Virtual Currency Taxation
Internal Revenue Service (IRS) commissioner Charles Rettig has explained to U.S. representatives that the tax department plans to issue clearer guidance toward cryptocurrency taxation soon. Since 2014, Americans have been asking the tax agency for better clarification in regard to official tax guidelines. Also read: Last Will Platform Allows Your Loved Ones to Inherit Your […]
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US Representatives ‘Urge’ the IRS to Clarify Cryptocurrency Tax Guidance
On Wednesday September 19, a committee of US bureaucrats sent an open letter to the Internal Revenue Service (IRS) in regard to the way cryptocurrencies are taxed. The representatives’ letter directed towards IRS commissioner David Kautter wants the taxation office to publish provisional guidelines on how digital currency transactions and investments should be handled when US […]
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