The internal revenue service (IRS) has invited cryptocurrency companies and key players in the industry to the March tax summit to discuss tax-related issues. The 3rd of March conference scheduled for Washington DC is to discuss how the tax regulatory agency, IRS, and crypto investors and advocates can work out modalities for setting up effective tax enforcement and regulatory platform. The event is expected to have presentations from government and private panelists in the financial, technology, and cryptocurrency industry.
IRS crackdown on crypto tax defaulters
The Internal revenue Service (IRS) is working on implementing cryptocurrency in the tax filing process. Holders of cryptocurrency in the United States are to include their digital assets in the declaration of their income tax returns. The Internal revenue Service (IRS) is working on implementing cryptocurrency in the tax filing process. Holders of cryptocurrency in the United States are to include their digital assets in the declaration of their income tax returns.
The evasion of crypto-related tax returns is what the IRS intends to focus on and impose strict action on defaulters. The intended crackdown on crypto tax defaulters will involve individual holders of cryptocurrency and the crypto firms. Hence, the need to have a dialogue on the modalities of the tax execution laws on the virtual asset.
March tax summit for building a regulatory framework together
The proposed March tax summit is expected to serve as a guide for future regulations of the internal revenue service on crypto-related companies and holders of cryptocurrency. Last fall, the internal revenue service published a guideline on how to calculate the income and gains obtained from cryptocurrency as well as the values attached to them. The implementation of the guidance has been an issue which the conference will aim to address. The year 2019 tax return guideline has been embedded with cryptocurrency-related income declaration.
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