With Tax Reform in the rear view manner, Congress is pressing the IRS to issue additional virtual currency guidance.
Soon? Two Weeks? I wouldn't be surprised to find out some guidance is already in the works.
You can read more here.
Open Issues Include:
- Taxation of Forks
- Taxation of AirDrops
- Basis alternatives to "specific identification"
- Migration of utility token rights from a smart contract to a main net chain (token swap).
- Taxation of tokens issued in Initial Coin Offerings (ICO's) (i.e. to companies).
- Foreign Bank Account Reporting (FBAR) requirements
I still owe a couple articles on the latter two points and FBAR is a topic I hope to address by the end of the month due to the upcoming October 15th deadline.
For detailed guidance on cryptocurrency taxtation issues, please feel free to check out the E-Book: https://steemit.com/bitcoin/@cryptotax/crypto-tax-series-e-book-april-2018-edition-u-s