For the first time in more than five years, the IRS plans to release further cryptocurrency tax guidelines, according to Commissioner Charles P. Rettig. This guidance comes at the urging of tax professionals and consumers as the crypto and blockchain ecosystem has rapidly evolved in recent years. According to Rettig, the IRS is working on providing clarity for “acceptable methods for calculating cost basis, acceptable methods of cost basis assignment, and the tax treatment of forks.” This article addresses the most important things to watch out for in the new guidance and why they matter. 1. Acceptable Methods for ... (full story)