🤷 IRS guidance unclear for crypto funds

Despite announcing more scrutiny for crypto investments during audits this year the IRS has yet to offer clear guidance on how institutional investors with cryptoassets should treat their returns. The agency last offered guidance in 2014, when most investors were individuals, saying that cryptoassets would be treated as property for tax purposes. As the asset class has grown arguments have emerged that there are more appropriate classifications for crypto leaving accountants and their clients guessing on if they are calculating taxes correctly. The CFTC, for example, considers assets like bitcoin ($BTC) to be commodities which if recognized by the IRS could offer some advantages for crypto funds.