The blockchain and digital assets community and tax professionals have been anxiously waiting for additional IRS cryptocurrency guidance — and they finally received it last week.
In addition to finally issuing Rev. Rul. 2019-24, the IRS updated its Frequently Asked Questions on Virtual Currency Transactions webpage by summarizing guidance into 43 Questions and Answers in hopes of clarifying cryptocurrency tax obligations. The IRS issued the ruling to address two specific virtual currency transactions – hard forks and airdrops. Join ABC’s webinar to learn more about the impact of this ruling.
Register For The Webinar
Join the Accounting Blockchain Coalition on October 17 at 1PM EDT for a webinar titled: “IRS Tax Guidance: Hard Forks, Airdrops and FAQs.” ABC Charter Member and Tax Working Group Chair Dmitri Alexeev of BPM LLP and Shehan Chandrasekera, member of ABC and the Tax Working Group will provide a better understanding of what this IRS ruling means and how it may impact both you and the accounting industry. There will be an opportunity for Q&A. Register today here.
Virtual currency stakeholders waited patiently for the additional guidance after IRS Commissioner Charles Rettig replied to April 11, 2019 letter from 21 U.S. Congress members urging the agency for basic reporting requirements. The public, based on the Commissioners May 16, 2019 response, expected the IRS would address controversy around the acceptable method for calculation virtual currency cost basis, the acceptable methods for cost basis assignment, the treatment of forks and to provide additional guidance with respect to many items not addressed in the Notice 2014-21.
Learn more about the IRS guidance and its impact at the ABC’s October 17 at 1PM EDT webinar.