The IRS is hosting a tax summit for crypto firms in March

Yilun Cheng

The IRS is reportedly hosting a summit in a bid to open up dialogue on tax-related issues around cryptocurrencies.

The agency has invited cryptocurrency companies and advocates to the summit, scheduled to take place on March 3 at the IRS' Washington D.C. headquarter, according to reports from Bloomberg Tax and CoinDesk. A representative for the agency confirmed the event when reached after publication. 

The summit will feature four 90-minute panels touching on technology updates, taxation issues facing cryptocurrency exchanges, tax return preparations, and regulatory compliance.

“[Panelists] will share their views and engage with the audience, which will include IRS personnel from across the spectrum of tax administration, and individuals from other bureaus or offices within the Department of Treasury,” Bloomberg reported.

The summit comes amid the IRS’s toughened stance on cryptocurrency tax evasion. In 2019, the agency sent out thousands of letters to cryptocurrency holders who allegedly failed to report their earnings.

This year’s 1040 form also includes, for the first time, a question on taxpayers’ cryptocurrency activities.

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