U.S. lawmakers urge IRS, Treasury to hurry crypto tax rules
06/07 08:55
According to CoinDesk, the U.S. Treasury Department and Internal Revenue Service (IRS) should promptly release planned crypto tax rules so the industry can be brought into full compliance, Reps. Brad Sherman (D-Calif) and Stephen Lynch (D-Mass) said in a Monday letter.
"For many years, the cryptocurrency industry has been a major source of tax evasion and a significant part of the nation's tax gap," Sherman, who is a senior member of the House Committee on Financial Services, said in an accompanying press release.
The letter noted that while the White House may have completed the review of the 2021 infrastructure bill's hotly debated tax reporting requirements for crypto brokers in February, the government has yet to release the proposed regulations. The point of contention was a broad definition of "broker" that could apply the reporting requirement to miners and crypto wallet providers, who would not able to comply with the rule.
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