Members of the US Congress sent a joint request to the Tax Service (IRS) with a request to clarify the reporting of taxes on business with crypto currencies.
More than 20 representatives of the two-party congress sent the request to the US tax authority and asked for recommendations on how to report on income taxes from the crypt. In the United States, the deadline for filing federal tax returns is April 15, 2019. In the letter, representatives referred to earlier IRS attempts to establish a tax regime for cryptoactive assets. The request states that the IRS's approach to transactions with crypto currencies was one of the most serious problems that taxpayers faced in recent years.
The legislators also warned that the IRS issued a manual in 2014, but the general inspector for the tax administration found it insufficient and recommended that it be updated to indicate how different virtual currencies are taken into account in the framework of the tax arrangement. In the letter, the IRS was asked to provide guidelines on tax consequences and basic reporting requirements for taxpayers using cryptographic currencies. Representatives of the congress argue that there is still "ambiguity over a number of important questions about federal taxation" of a new type of property.
In particular, the letter requires the IRS to determine acceptable methods for calculating and determining the core price of cryptools, as well as for the tax for hard fork in accordance with Bitcoin Cash (BCH). The letter found that "it is not practically possible for taxpayers to satisfactorily answer these difficult questions, while the IRS remains silent."
Last fall, US regulators have already called the IRS to form a tax framework for crypto-culls. Last year, the Taxation Advisory Board of the Tax Service issued a similar request. The lack of clarity regarding the taxation of assets for cryptoworks has often turned out to be strange to investors. For example, in November, it was reported that a trader who earned $ 125,000 must pay $ 400,000 in taxes.
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