IRS Plans Crypto Summit with Industry Participants

The US Internal Revenue Service (IRS), the agency that handles taxation for the population, has scheduled a “summit” with cryptocurrency companies taking place next week on Tuesday, March 3rd. This is according to a report in Bloomberg Tax.

The agency plans to engage and discuss how they can better “balance taxpayer service with regulatory enforcement,” according to the report.

The summit is said to include four 90-minute panels on compliance, tax prep, issues for crypto exchanges and more.

Other agencies, such as the US Department of Treasury are expected to attend.

Cryptocurrency transactions and the platforms that facilitate these transactions have gained increasing scrutiny. The fact that crypto has been utilized for illicit transactions has not been lost by the feds. A recent FATF ruling requires all VASPs or Virtual Asset Service Providers, to maintain detailed buyer and seller information – similar to traditional financial transactions.

Regarding taxes, the area is still somewhat opaque. The IRS has set up an informational section of its website seeking to address questions taxpayers may have.

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