Regulatory Trend. Taxing Cryptocurrency. 3 Key Regulatory points from Accountants.

What group is offering guidance on taxation of cryptocurrency? American Institute of Certified Public Accountants,

To which taxing authority did the American Institute of Certified Public Accountants, submit their guidance? IRS

What 3 pieces of guidance did the accountant group offer?

• the IRS hasn’t released guidance and its needed
• more and more taxpayers are engaging in cryptocurrency transactions and the transaction tracking gthrough documentation is a headache to track capital gains and losses
• set a reasonable manner for decalring fair market value determinations

What areas of crytocurrency taxation regulation do they seek clarification?

• gain and loss reporting
• expenses related to cryptocurrency mining, chain splits, air drops

Forbes | CPA Group Presses IRS For Clarity On Crypto Taxation