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IRS March Summit puts spotlight back on crypto tax clarity

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The U.S. Internal Revenue Service (IRS) has decided to host an IRS March Summit in which the list of invitees includes cryptocurrency companies, advocates, and other entrepreneurs who wish to seek more clarity on crypto tax, Bloomberg US reported on 18th February 2020.

The United States tax season has officially begun on 27th January 2020, and the country’s revenue service agency is pulling out all the stops to ensure that there are no failures in reporting accurate tax returns. The April deadline is fast approaching, and the authorities are expecting no less than one hundred and fifty million tax returns to be filed for the last year.

Still not ready for tax season 2020? Stay tuned to IRS March Summit for more updates

In its efforts to step up its game and make this another smooth filing season, the IRS has organized a summit on 3rd March 2020 at Washington D.C and invited everyone involved in the crypto industry to help them determine how to strike the right balance between taxpaying services and regulatory enforcements. 

The initiative comes following repeated requests from the United States Congress representatives who sent a letter to the agency last year asking for better clarity surrounding crypto tax and ways on how to deter cryptocurrency owners from evading tax filing. According to them, the guidelines offered by the IRS left many questions unanswered and needed more information before they could be implemented appropriately by the taxpayers.

IRS to put a stop to crypto tax evasion

Thus, the agenda for the summit will include topics related to compliance and guidelines, how to file tax returns accurately, pain points of cryptocurrency exchanges, and technological challenges that crypto holders face while filing taxes. The seminar, along with an elaborate Q&A session, will be conducted by expertise from both the public and private sectors where each session will last ninety minutes.

According to the announcement, the panelists, which include experts from the IRS tax administration and Treasury Department, will share their thoughts and suggestions on ways to simplify the otherwise intricate process of tax filing and engage in prolonged discussions with individuals belonging to this sector. It appears that these efforts will go a long way in helping the government clampdown on increasing problems concerning tax evasion.

Featured Image by Flickr

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