During the Consensus 2023 event, agency representative Julie Ferster announced the development of new cryptocurrency taxation guidance by the US Internal Revenue Service (IRS). A ready-made document may be released within the next 12 months.
The official who leads the Digital Assets Project in the tax office believes that the authority plans to change its approach to cryptocurrencies and work more closely with the industry. However, at this stage, this is her personal opinion and not an official statement from the IRS.
“We are working with all of you to get things right and develop a plan. The IRS needs to pay attention to the skills of the people we have today and those we will hire in the future […] We need the right tools and the right people,” she emphasized.
Ferster also drew attention to the expansion of the landscape of cryptoassets, and that this should be reflected in the new rules. She also invited the community to comment on a recent proposal to introduce a tax on NFTs. The US wants to tax such assets like other collectibles.
The IRS currently classifies cryptocurrencies as virtual assets used to pay for goods and services, trade or exchange for other currencies. They are considered property and must be reported on tax returns.