US Internal Revenue Service asked to clarify position on forks and airdrops

Eight congressmen asked the Internal Revenue Service (IRS) to clarify their position oncryptocurrency airdrops and forks.

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Signatories include Tom Emmer, Bill Foster, Darren Soto, Lance Gooden, French Hill, Matt Gaetz, Warren Davidson and David Schweikart. They asked the following questions:

• Is the IRS going to refine its position on forks and airdrops based on their true nature? When is the agency going to do this?
• Will the IRS allow me to propose changes to the manual or refuse to consult with industry representatives?
• Will the IRS publish standards according to which the agency will determine whether the taxpayer really established control over the coins after the fork?

Congressmen consider the current IRS leadership oncryptocurrencies are incomplete, since it does not take into account the Ethereum hard fork and the emergence of Bitcoin Cash. The approach that the agency is using now may lead to potentially unfounded and unfair tax obligations, signatories say.

The group also asked the IRS to examine cryptocurrency derivatives, cryptocurrency-linked retirement accounts and cryptocurrency escrow accounts.

Recall that this summer Tom Emmer re-introduced the bill, whose task is to determine tax regulations in the context of forks and airdrops.

In August, Congressman Ted Budd suggested removing cryptocurrency transactions from double taxation.

The authors of another bill, the Token Taxonomy Act, proposed exempting cryptocurrency transactions worth less than $ 600 from taxes.

The IRS published a new guide in early October.

U.S. tax office updates rules for crypto investors for the first time in five years