IRS Finally Issues Cryptocurrency Updates
By: Eric P. Rothenberg, Esq. – [Published Article] For the first time since the IRS issued guidance in 2014 [See IRS Notice 14-21], the IRS has twice spoken on the subject of cryptocurrency despite Congress practically begging for guidance in September 2018 [See letter to the IRS dated September 19, 2018 from the House Ways and Means Committee]. And while the IRS did answer some questions, there are still far too many left out. On October 10, 2019 the IRS released IR-2019-167 which they thought was “additional guidance”. It’s only a one-page release but it does reference new frequently asked questions [FAQ’s]. The FAQ’s on cryptocurrency comprise 43 questions. Nearly all of those FAQ’s are no news at all and merely state the obvious once the IRS declared in 2014 that cryptocurrency was considered by them to be “property” and not currency nor a security [See IRS Notice 14-21]. The
