Cryptocurrencies and taxes are always considered to be an odd mix. It now seems there is more to this matter than initially assumed, as the concept of crypto taxes is “nightmarish”.
Filing one’s crypto taxes is always a bit of a juggling act.
The Future of Crypto Taxes in the US
There are so many potential pitfalls one needs to be aware of at all times.
Making matters worse is the ongoing “meddling” by the IRS to further crack down on crypto holders across the US.
This process is now facing a lot of backlash, for fairly obvious reasons.
The current process of filing one’s crypto taxes is extremely problematic for a wide variety of reasons.
Making this process more simplistic and straightforward is crucial.
During a recent US congressional meeting, the problematic aspect of filing taxes this way were highlighted.
Making the treatment of crypto taxes more complicated than necessary is never a smart approach.
It only makes life more difficult for both the crypto owner and the IRS alike.
Whether or not a proper solution can be found for this pressing platform, remains to be seen.
The IRS is seemingly growing more interested in cryptocurrencies than ever before, which indicates things will only get more complex over time.