FOIA documents reveal cryptocurrency guidance has not been a priority for the IRS2

The agency’s self-imposed target date for guidance passed last week without action, now Congress is stepping in

On May 16th, in response to a letter from 21 members of Congress, IRS Commissioner Charles P. Rettig wrote, “I share your belief that taxpayers deserve clarity on basic issues related to the taxation of virtual currency transactions and have made it a priority of the IRS to issue guidance,” and that additional guidance would be issued “soon.” Two weeks later, at a May 30th Federal Bar Association conference, Commissioner Rettig was more precise about the guidance’s timing, saying that it would be “coming out very soon—could be within the next 30 days, could be even less than that.” May 30th was 40 days ago, and there is no new guidance.

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