US Tax Administration is Preparing to Publish New Cryptocurrency Manual

In the nearest several weeks US Tax Administration (IRS), as it`s expected, will present an updated version of Bitcoin and other cryptocurrencies manual. Changes were added to the document under pressure of more than 20 congressmen, who back in April called upon to give clear answers concerning taxation of this asset class.

US Tax Administration is Preparing to Publish New Cryptocurrency Manual - invest with bitcoin doubler 2x
US Tax Administration is Preparing to Publish New Cryptocurrency Manual – invest with bitcoindoubler2x.com

Investment resource notes that at the current moment, according to the document from 2014, IRS determines crypto assets as “virtual currencies” and finds them property. At the same time, unlike real currencies, cryptocurrencies aren`t legal payment means.

It`s not excluded, that the situation can change, although exact content of new recommendations stays unclear. Nevertheless, as informs the letter of IRS to congressman Tom Emmer, new edition of the manual will touch tax calculation methods and “other questions”.

Earlier in May it was informed that in the new manual would be clarified questions of definition of basic value, and also assets` taxation, resulting from hard forks, and its preparing is among the priorities of the department.

Representatives of cryptocurrency industry often blame US authorities that lack of clarity in matters and regulation inhibits development of innovations. Some bitcoin-friendly lawmakers share their concerns.

In such a way, the congressman from Ohio state Warren Davidson in April in second time presented a bill, which contains amendments to the Securities Act (1933) and to the Securities Trading Act (1934). This bill allows excluding digital tokens from the definition of securities.

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