Varied tax positions are being taken and subsequently proven to the Inside Income Service on tax returns filed over the previous few years, a sign the market is coming to a consensus on how sure digital belongings and transactions needs to be categorized and taxed. Whether or not the IRS will agree with these “tax cubbyholes,” nonetheless, is one other query fully. There are additionally business members who consider that digital belongings ought to require new tax guidelines due to their newness, although I’d argue that each asset and transaction, regardless of how new or outdated, has all the time match inside an current cubbyhole within the U.S. tax system. The federal government might write particular guidelines relating to the remedy of the brand new asset throughout the cubbyhole, however there will likely be an current tax bucket for each new thought.
