The Internal Revenue Service of the US will soon present an updated guide related to Bitcoin and other cryptocurrencies

The Internal Revenue Service of the US will soon present an updated guide related to Bitcoin and other cryptocurrencies

In the next few weeks, the Internal Revenue Service of the US is expected to present an updated version of its guidelines, which have a connection to the Bitcoin and other cryptocurrencies. Changes to the document were made under pressure from a group of more than 20 congressmen, who in April called for clearer answers on the taxation of this class of assets, writes WSJ.

Currently, the IRS, as it is mentioned in a document from 2014, defines crypto assets as “virtual currencies” and considers them as a property. At the same time, unlike real currencies, cryptocurrency is not a legal payment method.

It is possible that this may change, although the exact content of the new recommendations is still unclear. Nevertheless, as stated in the IRS letter to Congressman Tom Emmer, the new version of the guide will affect the methods of calculating taxes and "other issues."

Earlier in May, it was also reported that the new leadership will clarify the issues of determining the base value, as well as the taxation of assets received as a result of hard forks, and its preparation is among the priorities of the department.

Representatives of the cryptocurrency industry often blame the US authorities for the lack of clarity in matters and regulation that hamper the development of innovations. Some Bitcoin-friendly lawmakers share their concern.

For example, in April, Ohio Congressman Warren Davidson re-introduced the bill, which contained amendments to the Securities Act (1933) and the Securities Trading Act (1934), which would eliminate digital tokens from the definition of securities.

It is noteworthy that the document also proposes not to tax transactions for the exchange of one cryptocurrency for another and withdrawal to Fiat in the amount of up to $600.