Crypto Miners And Stakers Won’t Have To Turn Over Data To IRS!
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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
This a big relief to many folks since these reporting
requirements were part of the 2021 infrastructure bill.
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