The US recently revealed new tax reporting rules as Congress and regulatory authorities focus on crypto users who may not be paying tax on their crypto-related activities.
Reuters reports the US Treasury Department issued a proposed rule on Friday, under which crypto brokers, including exchange and payment processors, would have to register new information on users’ crypto transactions to the Internal Revenue Service (IRS) in as soon as two years.
Biden Administration Proposes New Crypto Tax Reporting Mechanisms
The IRS published proposed rules for crypto tax reporting on Friday, slated to give the industry its 1099 form. Under the proposed regulations, digital asset miners have been declared safe from future requirements.
According to the 300-page proposal, the Treasury Department clarified the definition of a “broker” in terms of the crypto industry. The department defined how crypto companies and investors must comply with new tax reporting obligations. The proposal also
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