Long-Awaited IRS Cryptocurrency Guidance on the Way
- Wednesday, June 5, 2019
Author: Cynthia Pedersen
Pursuant to statements made by IRS Commissioner Charles Rettig on May 30, 2019, much-anticipated cryptocurrency tax guidance should be released “very soon.” Rettig suggested the guidance, which would come in the form of a revenue ruling and a revenue procedure, could be released within the next 30 days.
This welcome guidance should build upon the only previous tax guidance available, IRS Notice 2014-21, which states that “virtual currency is treated as property and existing tax principles applicable to property transactions should apply.”