IRS to Host Summit to Discuss its Cryptocurrency Taxing Approach With Crypto Firms

The U.S. Internal Revenue Service (IRS) has reportedly invited a number of cryptocurrency startups to a summit that’s set to be held on March 3.

In the event, which was first reported on by Bloomberg Tax, the agency will reportedly discuss with cryptocurrency firms how  it can “balance taxpayer service with regulatory enforcement.” The summit will include four 90-minute panels on technology, issues for crypto exchanges, tax return preparation, and regulatory guidance and compliance.

According to CoinDesk, an IRS spokesperson confirmed the summit is indeed taking place. Speaking to the publication Kristin Smith, executive director of the Blockchain Association advocacy group, said the agency has been looking to set up an event since at least last month. She added:

My understanding of the event is this is going to be something where the IRS is going to use this as an opportunity to learn from [participants] in the ecosystem but [it] may help inform IRS’s thinking.

The summit will be held at the IRS’s Washington, D.C. headquarters, and it’s worth pointing out the agency hasn’t explicitly said knowledge it gets from it will be used in its future guidance.

The development comes shortly after the Government Accountability Office (GAO), a U.S: Congress watchdog, published a report evaluating the IRS’s existing approach to cryptocurrencies. It noted the agency declined to adopt some recommendations that would help clarify its existing guidance.

Last year, the IRS released an update to their 2014 cryptocurrency tax guidelines, adding to it more control over capital gains, addressing hard forks, and more. The guidelines, however, raised questions when it came to airdropped cryptoassets, and didn’t address small transactions.

Featured image via Pixabay.