The IRS introduces proposed regulations for digital asset broker reporting, aiming to enhance tax compliance in crypto.
This initiative is a part of the Biden administration’s wider implementation of the bipartisan Infrastructure Investment and Jobs Act .The Internal Revenue Service of the United States has introduced aof proposed regulations concerning the reporting rules for digital asset brokers, aiming to enhance tax compliance within the digital asset ecosystem.
The purpose behind this measure is to facilitate easier tax calculations for taxpayers and minimize the need for intricate computations or the use of expensive digital asset tax preparation services when filing tax returns. This legislation’s provisions are projected to generate approximately $28 billion in new tax revenue over a decade, reflecting the government’s commitment to fortifying tax compliance in an evolving economic landscape.
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