The IRS is sitting on a proposal that could solve a lot of tax headaches for the crypto investing masses. Why isn’t it out, yet? jesseahamilton takes a look
The issuance of crypto tax documents – like traditional 1099 forms – was finally required in the law two years ago, but the delay in proposing it may mean it slips another year.
In reality, the Treasury’s Internal Revenue Service actually completed the proposal months ago – enough to get it through aat the White House – but hasn’t taken the last step of issuing it publicly, and industry insiders are now wondering whether the White House has delayed the process while other crypto policy questions seized the spotlight in Washington.
While the proposal may be ready to go, Cody Carbone, who leads the policy team at the Chamber of Digital Commerce, said that “pushback from the White House” may have held it back. He said there may have been fears of legitimizing the crypto industry with this rule while also debating oversight legislation for the digital assets markets and stablecoins – a congressional negotiation last month that the White House’s National Economic Council was said to have been.
He said Coinbase has some infrastructure in place and is as ready as it can be, and it’s looking forward to being able to help investors figure out their taxes. “It helps us tell our customers what their gains and losses are, how they should be reporting information, what’s taxable, what’s non-taxable, what they should be asking their tax adviser, so that when they do all the things they do on Coinbase, they at least have some certainty as to how this will be treated,” Zlatkin said.
He said it was “very strange” to see the proposal go through its final pre-release steps and then remain locked up at the Treasury Department.
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