With the 2019 tax season upon us, the IRS is leaving nothing off the table.
Cryptocurrency holders are looking for ways to avoid reporting failures on their returns, and the agency has noticed.
According to a Feb. 19 report by Bloomberg Tax, the IRS has invited cryptocurrency companies and advocates to appear for a March 3rd summit in Washington DC. Among the aims of the summit are determining how to "Balance taxpayer service with regulatory enforcement."
Topics under discussion at the summit include regulatory guidance and compliance, preparing tax returns, issues for cryptocurrency exchanges, and technology updates.
Each panel will last 90 minutes and feature speakers from the government and private sector.
Crypto holders in the United States need to know how to declare their assets on their 1040 form.
This year's tax return is the first to include a question on virtual currency.
IRS Invites Cryptocurrency Advocates to March Summit
Published on Feb 19, 2020
by Cointele | Published on Coinage
Coinage
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.