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Internal Revenue Service Invites Crypto Firms To A Digital Asset Tax Summit In March

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Internal Revenue Service Invites Crypto Firms To A Digital Asset Tax Summit In March
February 19, 2020
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The Internal Revenue Service (IRS) sent out invites to an undisclosed number of cryptocurrency startups and firms in a bid to discuss digital asset tax-related issues in the field on March 3. The reports from Bloomberg Tax and Coindesk state the Washington based conference will have four-90 minute panel sessions to discuss taxes, tech, and regulation.

As the 2019 tax season dawns in the U.S, the IRS, official revenue collector, has sent out invites to cryptocurrency firms and startups in the next two weeks. The reports from Bloomberg Tax confirms the agency is wanting to crack down on tax evasion in the country and the conference will help them “balance taxpayer service with regulatory enforcement” in the digital asset industry.

The invitation is focusing on challenging tax evasion with a special guidance proposal in place for companies dealing with cryptocurrencies. Notwithstanding, the conference invites both the private sector and government officials to share and engage their views on taxation in the field. The invitation says the panelists,

“WILL SHARE THEIR VIEWS AND ENGAGE WITH THE AUDIENCE, WHICH WILL INCLUDE IRS PERSONNEL FROM ACROSS THE SPECTRUM OF TAX ADMINISTRATION, AND INDIVIDUALS FROM OTHER BUREAUS OR OFFICES WITHIN THE DEPARTMENT OF TREASURY.”

The IRS recently redefined virtual currencies in its books keeping cryptocurrencies under the definition excluding in-game currencies such as V-bucks.


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