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CryptoNewsBreaks – IRS Invites Number of Undisclosed Crypto Startups to DC “Summit” Next Month

Company: DC Summit
Category: News

A recent CoinDesk article discusses an upcoming March 3, 2020, summit to which the Internal Revenue Service has invited a number of undisclosed crypto startups to discuss its existing approach to taxing cryptocurrencies as well as enforcement efforts. The news was first reported by Bloomberg Tax on Tuesday, and an IRS spokesperson has confirmed the summit is scheduled for next month. To be held at IRS’s Washington, D.C. headquarters, the summit will consist of four panels, with panelists yet to be finalized, that address technology, issues faced by exchanges, tax returns and regulatory compliance. “My understanding of the event is this is going to be something where the IRS is going to use this as an opportunity to learn from [participants] in the ecosystem but [it] may help inform IRS’s thinking,” Kristin Smith, executive director of the Blockchain Association advocacy group, told CoinDesk, pointing to compliance with existing regulation and guidance as one area on which the agency is focused. The article further reads, “While the IRS has not explicitly said the summit will inform its future guidance, Smith said she hopes the agency will use the information it gathers from the event to develop better regulatory frameworks around cryptocurrency moving forward.”

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