New proposed tax rules would require any person who regularly provides a service that executes transfers of digital assets to report those transactions to the IRS. It would also require businesses to report the transactions of more than $10,000.
The crypto industry has pledged to continue its fight against new tax rules included in the bipartisan infrastructure deal that awaits President Joe Biden’s signature following its passage by the House of Representatives last Friday.
That said, advocates remain hopeful that standalone legislation can be passed that will soften the reporting requirements before they go into effect in 2024. Jerry Brito, executive director of the crypto think tank Coin Center, said on Twitter Friday that he has been in touch with several legislators on this topic.
One of the central questions the IRS must resolve is who will be considered a “broker” of digital assets and therefore responsible for reporting all crypto transactions to the government. Aside from defining digital asset “broker,” the IRS must also define what it considers to be a digital asset, as well as create the reporting forms and decide what information must be included on those forms.The industry will not only fight to craft the new rules mandated by the law, but may also seek to have them struck down by the courts.
Peter Van Valkenburgh, research director at Coin Center, has said that his organization would likely sue the government once the new requirements go into effect in 2024.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Bipartisan Infrastructure Bill Passes: Here’s What’s In Biden’s $1 Trillion BillThe House of Representatives has finally voted to approve the $1 trillion infrastructure bill that the Senate passed in August. It’s the biggest infrastructure bill to clear Congress since 2015. President Joe Biden is expected to sign the bill, known as the INVEST in America Act, into law this week.
Consulte Mais informação »
Opinion | Republicans Rescue Biden’s AgendaFrom WSJopinion: The 13 House Republicans who saved the infrastructure bill may have greased the wheels for Democrats to pass their $4 trillion entitlement spending blowout
Consulte Mais informação »
Republicans who backed infrastructure face attacks conflating it with social spending bill'Many are saying the stuff in the second bill was in this [infrastructure] bill. It's disinformation intended to divide and raise their ratings,' said Rep. Don Bacon.
Consulte Mais informação »
GOP Rep. Don Bacon says he voted for infrastructure bill to boost his chance at reelection'You vote one way, maybe it hurts in the primary. You vote the other way... in my district, it'd hurt me in the general,' Bacon said.
Consulte Mais informação »
Dow hits record high as infrastructure bill lifts cyclicalsThe Dow hit a record high on Monday as the passage of a $1 trillion infrastructure bill lifted industrials, materials and other economy-focused sectors, while Tesla fell on top boss Elon Musk's plan to sell about a tenth of his stake.
Consulte Mais informação »
5 infrastructure stocks to buy now that Biden's bill has been passed, according to JefferiesThe big money pot for highways, bridges and other projects means these companies are expected to grow earnings at double-digit rates.
Consulte Mais informação »