IRS to plan crypto taxations

IRS to plan crypto taxations

The Internal Revenue Service (IRS) will have to put forward the guidelines on how Americans will have to report income generated from cryptocurrencies. Section Chair Karen Hawkins wrote, “The temporary rule has the benefit of encouraging consistency among taxpayers with respect to 2017 hard forks.” Taxation of cryptos has been the major concern ever since IRS declared cryptos as property.

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