US Internal Revenue Service issues cryptocurrency tax guidelines

The US Internal Revenue Service (IRS) has published its first five-year guidelines for calculating the tax payable on cryptocurrencies. Since the US Treasury Director Charles Rettig said in May 2019 that the agency is working hard to provide new guidance, the industry has been waiting for an update of the IRS. The guidelines issued by the agency in 2014 left many questions, and since then, the encryption market has become more complex. The tax guidelines issued this time involve: tax liabilities arising from cryptocurrency forks, an acceptable method of assessing cryptocurrencies received as income, and how to calculate taxable income when selling cryptocurrencies.