IRS Advisors Call for More Tax Guidance on Crypto Transactions

An advisory committee to the U.S. Internal Revenue Service (IRS) believes the agency should provide clearer guidelines on how cryptocurrency transactions may be taxed. 

In a new report published on October 24, the Information Reporting Program Advisory Committee (IRPAC) highlighted cryptocurrencies’ rise in popularity, noting that “there has also been an equal rise in question as to the applicable tax consequences.” 

The IRS has already issued one notice back in 2014 stating that cryptocurrencies are treated as a form of property for tax purposes, reiterating that position in a statement published in March ahead of the April 15 tax filing deadline. 

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