IRS official: The IRS is developing guidance on virtual currency tax information reports

According to Coindesk, an official of the US Internal Revenue Service said that to date, the IRS’s guidance on the release of cryptocurrencies is not very satisfactory. At present, the agency is working hard to keep up with the development of the crypto industry. Michael Meisler, a partner at Ernst & Young, said that a major issue is information reporting. For example, under existing guidance and frequently asked questions, weighted averages may not be allowed. The above-mentioned IRS official agreed on this: “The IRS is developing guidance on how to obtain appropriate information reports and what form of information reports you want to obtain. The IRS has recognized that the exchanges should report lack of guidance. We It is being used as part of the guidance plan, which may be the highest priority guidance for the IRS in the field of virtual currency.” Lianwen Note, July 15 is the deadline for US taxpayers to submit their 2019 tax returns this year.