The Chamber of Digital Commerce too constabulary theater Steptoe & Johnson LLP announced the formation of the Digital Asset Tax Policy Coalition, composed of digital currency manufacture stakeholders to foyer for to a greater extent than adequate digital currency taxation policies to create clarity approximately the dependent champaign of taxation of digital assets.The coalition is led yesteryear the Chamber of Digital Commerce, a merchandise association dedicated to promoting the agreement too credence of digital assets, too includes several leading U.S.-based bitcoin wallet providers, digital currency exchanges too digital currency transaction processing platforms. Steptoe & Johnson volition furnish legal counsel to the coalition. Currently, the Internal Revenue Service (IRS) classifies digital currency holdings every bit belongings nether Notice 2014-21, which was published inward Apr 2014, simply has non provided to a greater extent than detailed guidance on how digital currency too digital property holdings should endure appropriately taxed. It is inward answer to this lack of clear taxation policies for digital assets that the Digital Asset Tax Policy Coalition, based inward Washington, D.C., has been formed. Perianne Boring, president too founder of the Chamber of Digital Commerce, said inward the press release: “Clear taxation handling for digital assets is essential to ensure robust increase of this of import sector.” Jason Weinstein, a Steptoe partner too co-chair of the constabulary firm’s Blockchain too Digital Currency practice, believes that “tax solutions that allow the IRS to do its undertaking without resorting to actions such every bit a John Doe summons volition endure of do goodness to all.” The John Doe summons that Weinstein is referring to was served yesteryear the IRS to the bitcoin wallet provider too digital currency telephone commutation Coinbase Inc. inward Nov 2016 to investigate digital currency transactions yesteryear US taxpayers nether the suspicion that taxpayers were hiding taxable income from the IRS. The Digital Asset Tax Policy Coalition aims to address these types of digital currency taxation issues yesteryear proactively engaging alongside policymakers on issues of usual concern. The formation of the coalition follows the creation of the Blockchain Alliance, which was besides co-founded yesteryear the Chamber of Digital Commerce, to assist fighting criminal activity linked to digital currencies yesteryear acting every bit a resources to constabulary enforcement too yesteryear providing an opened upwardly forum for the someone sector, constabulary enforcement too regulators to hash out digital assets. While early on bitcoin adopters, cypherpunks too “be your ain bank” idealists would prefer that the taxman rest out of their business, the reality is that if bitcoin wants to succeed both every bit a feasible transactional currency too every bit an investment property class, in that place needs to endure clear guidance from the taxation regime on how digital currencies too digital assets demand to endure taxed. This volition assist both bitcoin adoption too the increase of the bitcoin economic scheme inward the U.S.The postal service New Coalition Formed to Lobby for Clarity inward Digital Asset Tax Policies appeared get-go on Bitcoin Magazine.
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