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IRS Issues Guidance on Cryptocurrency Earned from 'Microtasking'

The IRS issued new guidance indicating cryptocurrency earned from crowdsourcing-based microtasks should be categorized as taxable income. So reports The Block Crypto.

income tax 4097292 640The memo came in response to an inquiry from the Small Business/Self Employed Division and offers a “window into the depth of the IRS's thought process in this area,” even if this income represents only a fraction of the IRS purview. Some of the tasks generally covered under the guidance include data processing, posting a positive review and completing online quizzes.

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