👓 [Analysis] It is time for the IRS to answer open questions about cryptocurrency - James Foust

In 2009, the IRS's Nina Olson told Congress in an annual review the need to develop comprehensive guidelines for "virtual economies" and "virtual currencies." Olson's thoughts were ignored and now everyday people are being prosecuted as tax evaders simply because the statutes surrounding cryptocurrencies remain murky. As April 15th approaches, the IRS needs to rethink its crypto strategy and adopt meaningful tax procedures like Coin Center's new crypto tax report. Simple crypto market questions, like airdrops or hard fork gains, have yet to be touched. If they are not, the unintentional tax cheats will continue to face unfair scrutiny.