x
Black Bar Banner 1
x

NEW: About Me Look — turn on a full-width dark About Me from your profile Configuration (Profile Page Upgrade). The Academy, profile feeds and Media Feed now read like the News Feed. See Subscriptions »

New: AI Blog Autopilot — free for the next 30 days. Switch it on by November 15th »

NEW: Smart Mail is live — free for every member. Send broadcasts, build lists and run autoresponders. Open Smart Mail »

Training: Lesson 14 in Getting Started with MarketHive. Watch it now »

A+ A−
Ads by Markethive - View All
The Blog Feed
The Blog Feed
» Blog Feed
Write a New Blog Post
Search Blog Status
Most Viewed
Most Recent
Most Shared
Alphabetical
Markethive Blog (default)
My Blog Posts
Friends' Blogs
Blog Categories
All
Advertising
Blockchain & Cryptocurrency
Business Development
Diet & Weight Loss
Environmental
Health and Wellness
History and Culture
Home and Garden
Marketing
Mentoring & Training
Money & Finance
Other
Political
Prayer & Religion
Programming & Technical
Real Estate
Search Engine Optimization
Social Media
Spirituality
Sports & Recreation
Transport
Travel & Events
Website Design
Blogging Tools & Assets
My Blog Info
Members Subscribed to You
Blogs You Are Subscribed To
Website Widget
Wordpress Plugin
Subscribe for Greater Services
Subscribe to one of many subscriptions, each one includes the previous ones.. Unlock powerful tools, advance features, to build a powerful reach.

IRS Makes New Crypto Broker Guidance a ‘Priority' in 2021-22 Plan

Posted by Gerald Roberts on September 11, 2021 - 11:29pm Edited 9/11 at 11:31pm


Biden’s Treasury Department is opening another front in its effort to police crypto tax cheats.


 

Author:
Danny Nelson

The U.S. Treasury Department and Internal Revenue Service plan to formulate guidelines detailing the reporting requirements of cryptocurrency brokers, escalating a Biden-era push to more closely scrutinize the space.

On Thursday, the department included the broker project in its annual “Priority Guidance Plan.” It is one of 193 projects now slated to receive additional resources through June 30, 2022.

The government mandate is reminiscent of last month’s infrastructure bill fracas that saw senators spar over the minutiae of crypto tech. Lawmakers’ failed effort to alter the bill’s definitions of a crypto broker put a national spotlight on the industry’s uneasy relationship with U.S. tax law.

However, the guidance plan, dated Sept. 9, is a separate effort from the congressional bill, on which the House of Representatives will vote at the end of the month.

Biden’s Treasury Department began campaigning for closer crypto monitoring months earlier. In late May, it rolled out a series of budget proposals that envisioned expanding crypto brokers’ information reporting requirements, a move it said would quash tax evasion.

The planned guidance is mum on specifics. It will apparently address “regulations regarding information reporting on virtual currency under § 6045.” That section of the U.S. Code deals with “Returns of brokers,” according to Cornell Law School.

The IRS deemed that issue a “tax administration” project. It also plans to issue “guidance concerning virtual currency” in an apparently separate effort in the “general tax issues” bucket.

“The published guidance process can be fully successful only if we have the benefit of the insight and experience of taxpayers and practitioners who must apply the rules,” the document said. “Therefore, we invite the public to continue to provide us with their comments and suggestions as we write guidance throughout the plan year.”

Bloomberg reported last month that the Treasury Department does not intend to broaden the definition of a broker beyond just trading platforms. However, tax experts told CoinDesk they were skeptical of this claim.

200+ simple crypto exchange with low fees 24/7 live chat support newbie friendly.