With the latest report in place, the Internal Revenue Service (IRS) is calling out crypto firms and startups to discuss digital asset tax issues on March 03. 

The official revenue collector in the United State, IRS is set to discuss with crypto firms in just two weeks. Currently, the firm has maintained strict scrutiny across entities involved in crypto activities with a mission to crack down on tax evasion in the country. This being said, IRS is hosting a joint conference on March 03, 2020, at IRS’s Washington, D.C. headquarters.

However, the key vision is to ensure service providers know how IRS wants to “balance taxpayer service with regulatory enforcement”.

Interestingly, the conference will debut 9- minute panel on several crucial factors including “issues for crypto exchange, technology update, tax return preparation, and regulatory guidance and compliance”. However, this will not be a simple one-sided talk, rather, panelists from private as well as government sectors are free to elaborate their views with the audience. More so, the panelists including IRS personnel, Individuals from other bureaus and from the Department of Treasury. The invitation notes; 

“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.” 

Furthermore, the IRS intended to set up this conference since early 2020, said Kristin Smith, executive director of the Blockchain Association Advocacy group. She further states that; 

"My understanding of the event is this is going to be something where the IRS is going to use this as an opportunity to learn from [participants] in the ecosystem but [it] may help inform IRS’s thinking," she said, pointing to compliance with existing regulation and guidance as one area on which the agency is focused.  

Although nothing solid on what specific IRS is trying to do with the summit has come into the picture, it appears that the meeting will pave the way for better regulatory frameworks for the crypto ecosystem.