US Tax Authority Prioritizes Issuing Guidance on Cryptocurrencies

The United States Internal Revenue Service (IRS) has prioritized issuing tax guidance on cryptocurrencies, according to a May 16 letter. The letter from the IRS comes in response to a request from 21 representatives in Congress, including Rep. Tom Emmer, to provide clarity on reporting taxes on cryptocurrency holdings. In the letter to the tax authority, the representatives then claimed that…

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