When taxpayers face digital asset losses, how do they affect their tax obligations? That’s a good question. In seeking answers, the American Institute of CPAs (AICPA) has issued a statement asking for clarity from the IRS. “Taxpayers and their advisors need clear guidance to accurately calculate their losses and properly meet their tax obligations and we urge the IRS to adopt our recommendations and provide this guidance.” The hope, stated the AICPA, is that IRS guidance will clarify how digital asset losses are handled in a variety of scenarios. Guidance would allow taxpayers and their preparers to be confident as they comply with tax law. Here’s the statement: https://bit.ly/41X9X5g
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