On September 19, 2018, the House Ways and Means Committee wrote a letter to the IRS urging the IRS to “issue updated guidance, providing additional clarity for Taxpayers seeking to better understand and comply with their tax obligations when using virtual currencies”.
The House Ways and Means Committee states its Virtual Currency (VC) concerns in the letter as follows:
Don’t be a victim of your own making
Without clarity and guidance from the IRS, VC investors will continue to have accounting challenges at tax time. Many VC investors are knowledgeable with all the tax rules applicable to VC as it is viewed as “property” by the IRS and it is subject to capital gains tax. VC holders ought to maintain impeccable VC records to memorialize their taxable transactions and consult a VC Tax expert.