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Rules for cryptocurrency taxation have become a pressing concern for members of Congress, with Democratic representatives Brad Sherman and Stephen Lynch urging the U.S. Treasury Department and the Internal Revenue Service (IRS) to expedite the release of regulations, Benzinga.com wrote.
Rules For Cryptocurrency Taxation, Members Of The Congress Call On Treasury Department and IRS! (PHOTO: WAMU)
Rules For Cryptocurrency Taxation
Their objective is to promote compliance within the rapidly expanding cryptocurrency industry, as outlined in a letter delivered recently.
Sherman, a seasoned member of the House Committee on Financial Services, voiced his apprehensions, emphasizing the significant contribution of the crypto sector to tax evasion and the resulting widening of the country’s tax gap.
In their letter, Sherman and Lynch, representing California and Massachusetts respectively, pointed out that despite the White House’s review of the controversial tax reporting provisions for cryptocurrency brokers earlier this year, the government has yet to disclose the proposed regulations.
The controversy primarily stems from the ambiguous definition of a “broker,” which could inadvertently impose reporting obligations on entities like crypto miners and wallet providers that may not be equipped to fulfill such requirements.
The legislators underscored that the cryptocurrency industry had the entirety of 2022 to prepare for regulatory changes, expressing disappointment that it appears they have been granted a pass for 2023 as well.
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Cryptocurrency Taxation
As the crypto market continues to evolve and gain mainstream acceptance, establishing clear and comprehensive taxation guidelines is essential. Such regulations would not only facilitate compliance but also provide certainty and stability for businesses and individuals operating in the cryptocurrency space.
Members of Congress are urging the Treasury Department and the IRS to take swift action to address this matter and provide much-needed clarity for cryptocurrency taxation.
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