Today the IRS released its first piece of guidance on cryptocurrency since Notice 2014-21, which was published in March of 2014. Revenue Ruling 2019-24, released today, addresses the tax treatment of cryptocurrency following a “hard fork” event. The Service simultaneously released FAQs, which expands upon the tax positions first addressed by the Service in the 2014 Notice. Taxation of cryptocurrency is sure to remain a hot-button item, and we will continue to monitor any new developments from the Service and provide additional perspective on the impact of today’s new guidance.
If you have questions concerning cryptocurrency or other tax matters, please contact Steven Miller, alliantgroup, LP’s National Director of Tax, at Steven.Miller@alliantgroup.com.