The US Internal Revenue Service (IRS) last week published a guide on how cryptocurrency investors should report their transactions. The text is comprehensive and is already causing controversy. According to Patrick White, CEO of Bitwave, the new IRS rules will destroy the decentralized finance (DeFi) industry. In his op-ed published in The Defiant, White notes […]
Tag: US Internal Revenue Service
The US IRS warns investors that they must declare cryptocurrencies
The US Internal Revenue Service (IRS) issued a statement last Monday (22) recalling that investors must declare their cryptocurrencies, stablecoins, NFTs and other assets of the same class. The article serves as a quick guide for US cryptocurrency investors and outlines how to make the statement. “Taxpayers must report all income related to their digital […]