May 20, 2019

IRS says new cryptocurrency tax guidance coming "soon"

Illustration of the IRS seal with two Bitcoin signs below it.

Illustration: Lazaro Gamio/Axios

The Internal Revenue Service is planning to "soon" issue new guidance about the taxing of cryptocurrencies and other digital tokens, the agency's chief said in a letter to U.S. Representative Tom Emmer.

Why it matters: The IRS hasn't issued guidance on the topic since 2014, leaving investors and enthusiasts increasingly frustrated, especially with new developments like Bitcoin forks that have complicated matters. Members of Congress have attempted to clarify the rules by introducing bills or asking the IRS to provide more guidance.

Go deeper: Taxes are tricky for cryptocurrency investors

Go deeper