Crypto Miners And Stakers Won’t Have To Turn Over Data To IRS! – Technology – United


United States:

Crypto Miners And Stakers Won’t Have To Turn Over Data To IRS!

To print this article, all you need is to be registered or login on Mondaq.com.

Bloomberg.com reported that “The U.S. Treasury Department
indicated that it plans to spare crypto miners and stakers from
rules that would require digital-asset brokers to turn over
information on their clients’ transactions to the IRS.” 
The February 11, 2022 report entitled “Treasury Signals Crypto Miners Won’t Face
IRS Reporting Rule
” included these comments:

The broker tag is important because it will force firms to
collect and disclose detailed information on customers, including
names and addresses, gross proceeds from sales, and any capital
gains or losses.

The industry has argued that certain groups, such as
miners and stakers, don’t have access to that kind of
information, making compliance difficult — if not impossible — if
they were swept in.

Treasury intends to issue proposed regulations in the future
that reflect its thinking on the broker
definition,…

This a big relief to many folks since these reporting
requirements were part of the 2021 infrastructure bill.

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.

POPULAR ARTICLES ON: Technology from United States

Back Door To Crypto Regulation?

Katten Muchin Rosenman LLP

The 654-page proposal, which does not mention crypto, arguably includes a definition that may include certain crypto services.

Taxation Of Crypto Mining

Freeman Law

Amid the crypto boom, mining has become an extremely lucrative venture for many and critical to maintaining decentralized cryptocurrency networks.

Taxation Of Crypto Margin Trading

Freeman Law

This year has been a banner year for cryptocurrencies, with the prices of Bitcoin and Ethereum reaching all-time highs in November



Read More: Crypto Miners And Stakers Won’t Have To Turn Over Data To IRS! – Technology – United

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments