US Democratic lawmakers including ewarren and berniesanders penned a joint letter urging the IRS and Treasury to plug what they claim is a $50 billion crypto tax loophole.
A number of United States’ lawmakers have urged the Internal Revenue Service and the Treasury to speed up the closure of tax loopholes being exploited by “crypto tax evaders.”, Democratic Senators Elizabeth Warren, Bernie Sanders, Bob Casey and Richard Blumenthal warned the top officials of both agencies that they must swiftly act on new tax regulations.
The Senators claim there is a “$50 billion crypto tax gap” and the IRS and Treasury risk missing out on roughly $1.5 billion in tax revenue for the 2024 financial year if a tax policy update is delayed. “Given the chance, tax evaders and the crypto intermediaries willing to aid them will continue to game the system, exploit loopholes, and siphon off billions of dollars a year from the U.S. government. You must not give them that chance.”the Senate’s $1.2 trillion infrastructure bill
passed in August 2021. The bill aimed to increase the tax reporting requirements for businesses acting as crypto brokers. “Nearly two years have passed since the law was enacted, and the implementation deadline is less than six months away — but Treasury has yet to publish proposed rules,” the letter reads.While the bill has been signed into law the Treasury and the IRS are yet to release their new tax rules. The agencies have until Dec. 31, 2023, to publish and implement the rules but the lawmakers are requesting they be put in place much sooner.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Lindsey Graham and Elizabeth Warren: When it comes to Big Tech, enough is enoughThe digital revolution promised amazing new opportunities — and it delivered. Digital platforms promoted social interaction, democratized information and gave us hundreds of new ways to have fun.
Consulte Mais informação »
Big Bang Theory Star Explains Origins Of Bernadette's Signature High-Pitched VoiceActor Melissa Rauch opens up to The Big Bang Theory co-star Mayim Bialik about why Bernadette Rostenkowski's voice is so high in the hit CBS sitcom.
Consulte Mais informação »
Marco Rubio endorses Bernie Moreno in tight Ohio Senate raceSen. Marco Rubio (R-FL) endorsed Bernie Moreno in the Ohio Senate race, giving the Republican candidate a key boost in the GOP primary for one of the most competitive races in the 2024 cycle.
Consulte Mais informação »
Mark Zuckerberg, Warren Buffett have decades-long ties to McDonald'sMark Zuckerberg and Warren Buffett both love eating McDonald's. Their ties to the fast-food titan go back decades.
Consulte Mais informação »
Sarah Huckabee Sanders can’t criminalize librarians just yetAn Arkansas law that subjects librarians to prosecution for providing “harmful” material to minors ran into a problem: the First Amendment. Jordan_S_Rubin explains the court ruling.
Consulte Mais informação »
Elizabeth Banks calls out 'gendered agenda' around Charlie's Angels“To lose control of the narrative like that was a real bummer,” Banks said of the girl boss marketing surrounding the film
Consulte Mais informação »