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IRS is advised to reconsider creating amnesty program for cryptocurrency.

Practitioners suggest that the IRS should reconsider its position on having a voluntary disclosure program for cryptocurrency. “I think the IRSwould be remiss if it didn’t go back and look at that again,” Mishkin Santaof the Wolf Group PC said on an August 24 webinar hosted by the District [...]

By |2022-02-08T08:11:42-05:00August 24th, 2021|

US Senate passes bill that expands cryptocurrency reporting requirements.

The Senate votes 69-30 to advance the Infrastructure Investment and Jobs Act (H.R. 3684). The bill contains Section 80603, which would broadly expand information reporting requirements and the definition of broker for certain cryptocurrency providers. The bill largely follows the Treasury proposals from May [...]

By |2022-02-08T08:10:38-05:00August 10th, 2021|

US lawmakers seek an expanded definition of “broker.”

Bipartisan co-chairs of the Blockchain Caucus send a letter to the House of Representatives asking them to take up the issue of the expanded definition of “broker” under Section 80603. The letter states that noncustodial blockchain technology providers like validators and software developers are [...]

By |2022-02-08T08:09:42-05:00August 9th, 2021|
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