Node40 Executive Explains What to Expect When the IRS Issues Its New Crypto Policy

Last May, the U.S. Internal Revenue Service (IRS) revealed it would be issuing new tax guidance and rules about the tax treatment of digital assets and forks. IRS Commissioner Charles Rettig told congressional leaders that the agency has made it a priority to issue crypto-related tax guidance. This week news.Bitcoin.com spoke with Sean Ryan, CTO of Node40, a platform that helps people calculate digital currency-based taxes. He believes that the issuance of new crypto tax guidance is “long overdue.”

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What to Expect From the Upcoming IRS Crypto-Tax Guidelines

Since the cryptocurrencies were born back in 2009, the innovative money has mixed like water and oil when it comes to taxes. Cryptocurrency investors in the U.S. have been struggling to file taxes relating to digital assets because the rules have been unclear and have not been updated since 2014. For instance, the IRS told the public back then that digital currencies were not a currency and were to be treated as property with capital gains. However, taxpayers are still bewildered when dealing with digital assets as income and the release of forks has caused confusion as well. In order to get a