US IRS urged to issue "more robust" guidance on virtual currencies

A group of US Congressmen has called on the Internal Revenue Service (IRS) to issue updated guidance on the tax obligations when using virtual currencies.

In a letter to IRS Acting Commissioner David Kautter, Congress representatives, Kevin Brady, Lynn Jenkins, David Schweikert, Darin LaHood and Brad Wenstrup said that the IRS has "struggled" with how to treat virtual currencies for tax purposes since their emergence.

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