Thursday, 20 June 2019

It’s ugly. It’s comical. It’s tragic.

UK’s departure from the European Union has at some point of time, been described as one or all of the above.

Although 2018 saw a continuation of the “crypto fever” from the prior year, experienced alternative asset market participants understood that the one-way ride couldn’t last forever. As regulators worldwide began to clamp down on crypto markets, many lamented that the crypto party was over.

Congress just sent a letter to the IRS about “urgent need for guidance” on crypto taxes.Today, 21 members of Congress, led by Rep. Tom Emmer, sent a letter asking the agency to issue needed guidance on the tax consequences and basic reporting requirements for taxpayers that use virtual currencies. Congress has now sent four separate letters to the IRS about this issue.

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