
IRS Grants Temporary Relief on Crypto Accounting Rules Amid Industry Pushback
The United States Internal Revenue Service (IRS) has announced temporary relief on a controversial rule affecting crypto investors on centralized exchanges (CeFi). The initial ruling required brokers to default to the “First In, First Out” (FIFO) accounting method if investors didn’t specify a preferred option such as HIFO (Highest In, First Out) or Spec ID….