Accounting Today:
Crypto tax-reporting changes may lead to IRS crackdown
By Michael Cohn September 13, 2021, 4:42 p.m. EDT
"The bipartisan infrastructure bill includes requirements for brokers to report their customers’ cryptocurrency gains to the Internal Revenue Service, but exactly what constitutes a broker is stirring controversy.
"As one of the ways to help pay for an estimated $28 billion of the $1.2 trillion in infrastructure spending, congressional negotiators included a provision requiring information reporting on the names, addresses and gross proceeds of cryptocurrency transactions by brokers. The crypto industry tried to lobby Congress to narrow the provision so it wouldn’t also apply to technology companies involved in the crypto industry, as well as cryptocurrency “miners” who use their computer power to solve complex mathematical problems to process the currency, but they were unable to win changes in the version of the bill passed last month by the Senate (
see story)."