Crypto Blog
In response to the widespread interest and concern generated by its proposed crypto reporting regulations, the Internal Revenue Service has decided to extend the comment period by an additional two weeks.
The proposed regulations focus on defining “brokers” in the crypto industry, including trading platforms, payment processors, digital asset-hosted wallet providers, and individuals who redeem digital assets they create or issue. He also pointed out the potential data overload the IRS could face, including transactions with “zero or negligible taxable income” under the proposed rules.IRS Commissioner Danny Werfel emphasized that these regulations aim to eliminate confusion, establish clear reporting guidelines, and promote compliance with tax laws.
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