Tax Treatment of Cryptocurrency Still a Challenge for States

This week in state tax information: This week a number of states issued steerage or superior plans designed to ease confusion over the tax remedy of cryptocurrencies and non-fungible tokens. In the meantime, governors in Arkansas and West Virginia referred to as for particular legislative classes aimed toward reducing taxes in response to mounting surpluses in state treasuries.

Taxing transactions involving cryptocurrency and non-fungible tokens stays a sea of confusion, however a number of states took steps this week to at the very least perceive these digital belongings and create frameworks for long-term tax compliance.

Let’s begin in New York, the place the Division of Taxation and Finance issued …