The only issue with this is, At what price to they determine the tax you owe. Is it the highest price the currency got to, what you cashed it in at, The lowest price and over what period. Do you pay tax on all your currency at the same time. With having more then one currency does you tax get paid on the currency which done well, and no consideration for the currency you lost on.
Which ever way this goes it will give advantage to Corporation and Financially secure institution, Through new law and legislation. In the end, If crypto is controlled by an external entity, such as a Government, Financial Institution or private entity, The cost will return to the tax payer and tax exemption for the company
I have not begun posting, but Steemit has a great tax writer - CryptoTax. If you begin reviewing his posts, I believe you will find he teaches the taxation of cryptocurrency in an easy to understand way.
Steemit writer Lpfaust is also excellent on the taxation of crypto.
I have only been on Steemit since about Dec. 14, 2017, and I have read a lot of argy bargy tax pieces by other "tax" writers. CryptoTax and LPFaust will set you straight. (If only they could also set us free Steemit brothers and sisters!)
Getting a bit technical here maybe, How does this effect people in other countries? Are we heading to a global tax revenue service?
If a person in another country had a tax obligation to the United States, then this new investigation team might uncover that in their work.
We are not heading to a global tax revenue service, but I believe we are seeing more cooperation among countries in sharing tax information, and forming tax treaties.
Yes you’re right but if I’m not mistaken, Cryptocurrency has its own tax obligation, and you can find this information easy about trading crypto currency