New Crypto Tax Rules issued by the IRS

The Internal Revenue Service (IRS) recently released instructions for computing taxes involving crypto assets. The digital market has been waiting for this report since May 2019 after the Revenue’s chief Chuck Rettig hinted at an update to the existing regulations. In April 2019, some members of Congress wrote to Rettig seeking clarification regarding crypto reporting requirements and related tax consequences.
The guidance consists of a revenue ruling section and FAQs. According to Rettig,