Varied tax positions are being taken and subsequently proven to the Inside Income Service on tax returns filed over the previous couple of 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 trade individuals who consider that digital belongings ought to require new tax guidelines due to their newness, although I’d argue that each asset and transaction, irrespective of how new or previous, has at all times match inside an present cubbyhole within the U.S. tax system. The federal government might write particular guidelines relating to the therapy of the brand new asset inside the cubbyhole, however there shall be an present tax bucket for each new thought.