The US Internal Revenue Service updated the cryptocurrency tax guidelines for the first time in five years to solve the problem of forked currency

On October 9, US time, the US Internal Revenue Service (IRS) issued a supplementary guidance on tax treatment for cryptocurrencies, the first update since the IRS issued the cryptocurrency tax guidelines in 2014. The guidelines include a new tax rule and answers to frequently asked questions, the new rules are designed to address the tax implications of cryptocurrency forks.