[2017-06-10] U.S. Lawmakers Ask IRS to Clarify Bitcoin Tax Guidelines

[PHPSELLER]

U.S. Lawmakers Ask IRS to Clarify Bitcoin Tax Guidelines

U.S. Congressmen Jared Polis, a Colorado Democrat, and David Schweikert, an Arizona Republican have written Internal Revenue Service (IRS) Commissioner John Koskinen asking for additional guidance for reporting virtual currency transactions. They acknowledged the agency has offered taxpayers some virtual currency guidance in regard to taxation, but additional guidance is needed to assist businesses that accept virtual currency.

Read More: https://www.cryptocoinsnews.com/u-s-lawmakers-ask-irs-clarify-bitcoin-tax-guidelines/

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1713852270

[veleten]

IRS will clarify as soon as they manage to establish the status of cryptocurrencies in the US
it is not clear at the moment,besides every state has its own legislation
pushing taxes onto new startups and exchanges may result in cryptorelated business change jurisdiction or even flee the country

[Iranus]

The UK stance is pretty good - just tax it as a commodity.

When buying it, it should be subject to VAT in the same way that other goods, digital or not, are.

That said, I hugely benefit from governments being incompetent and I highly doubt that HMRC, which deals with UK tax, would be competent enough to actually find and tax anyone who holds Bitcoin.
I hope they don't clarify it or crack down on Coinbase.  The longer that cryptocurrencies are basically free without anyone getting prosecuted for tax evasion, the better.