A bipartisan group of 21 members of the House of Representatives sent a letter to the Internal Revenue Service on April 11, urging Commissioner Charles Rettig to update its five-year-old guidelines on cryptocurrency-related activities. Led by Representative Tom Emmer from Minnesota, the group wants a written response from the IRS no later than May 15. The lawmakers are requesting new guidance, given that the government agency’s official document on how tax principles apply to crypto trades and transactions has not included a single frequently asked question since 2014. The letter notes that the IRS first identified ... (full story)