Cardano Celebrates New Success – US Congress Writes To The IRS
Cardano Foundation is celebrating a great piece of news on social media. It seems that the US Congress has something important to explain to the IRS.
Check out the tweet that Cardano posted below.
Another win on the horizon.☀️
US Congress writes to the IRS to explain why PoS block rewards should not be taxed as income. @CardanoStiftung‘s work to promote the education of PoS technologies via our membership w/ @alliance_pos is yielding results. https://t.co/pcYbvqWQCP
— Cardano Foundation (@CardanoStiftung) September 4, 2020
Someone commented: “How about not pay it either way. The IRS has the audacity to ask for taxes after the FED injected trillions of dollars into the economy. They can get bent.”
One other followewr said: “This is needed to resolve the uncertainty factor and enhance adoption.”
Asking for the guidance of the taxation of block rewards
“Today, Congressman David Schweikert (AZ-06), Co-Chair of the Congressional Blockchain Caucus, along with Caucus Co-Chairs Congressman Bill Foster (IL-11), Congressman Tom Emmer (MN-06), and Congressman Darren Soto (FL-09) sent a letter to the Internal Revenue Service (IRS) asking for guidance on the taxation of “block rewards” in a proof of stake network,” – this is how the US Congress’ letter begins.
They continue and explain, “Currently, taxpayers are not given guidance for how participating in “staking” should be treated, which could result in unintentionally dissuading participation in this new technology.”
We recommend that you check out the complete letter in order to see all the details.
Cardano’s Charles Hoskinson updates the community on Shelley
In other news, Cardano’s Charles Hoskinson dropped a video in which he offers enthusiasts a new update on Cardano’s Shelley era.
As Crypto News Flash reported, “the developments for Goguen, Basho, and Voltaire run parallel to the further development of Shelley.”
Also, Hoskinson made an announcement on his social media account.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.