RATE Group | IRS on cryptocurrency, going slow to give some relief
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IRS on cryptocurrency, going slow to give some relief

22 Mar IRS on cryptocurrency, going slow to give some relief

Posted at 18:40h in Cryptocurrency News by

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Per the latest IRS on cryptocurrency development in the crypto space, crypto taxpayers have been given a relief (though temporary) from the Internal Revenue Service (IRS). IRS on cryptocurrency saga is a rather bloody one since the Taxation authority has been hounding cryptocurrency owners to pay taxes.

However, this payment extension allows individuals to delay their payments and interest on up to one million dollars till 15th July. While businesses can defer even $10 million United States dollars or more, this unique move has been made due to the growing economic crisis that most of the people are going through. Quite a few states have also granted deferments.

IRS on cryptocurrency: Deferment welcome

News of this deferment up to $10 million United States dollars has been welcomed by the crypto investors, as many of them require some time to sort out their liabilities. Currently, IRS defines cryptocurrency as a property, and every trade a taxable event, even if the whole dealing…

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