The crypto tax situation in the US remains unclear. Despite efforts by the IRS, it has become increasingly complex to figure out what the agency’s course of action is.
Things have gotten so dire that US congress members are trying to help move things along.
More IRS Clarification is Needed
An open letter was sent to the IRS several days ago.
In this letter, the Congress members want the agency to provide further clarification regarding crypto tax laws.
It is the second time this year that government officials try to push the agenda forward.
In April of 2019, the IRS was urged to issue guidance for crypto taxpayers.
While those guidelines were introduced eventually, there are still plenty of questions that need to be answered.
In fact, the new guidance has caused even more confusion compared to when they weren’t even around.
Interestingly enough, the US Congress members feel the most recent guidance is the biggest problem.
It ‘uses hypothetical examples that are not applicable nor plausible in the real world”.
It is now up to the tax agency to take this information to heart and act accordingly.
What type of guidance they will issue next, is impossible to predict at this point.
The topic of crypto taxation in the US is far from done and dusted, by the look of things.
For now, the most effective way to make sure your taxes are done properly is to use a crypto tax software.
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