Treasury proposes crypto reporting rule to 'close the tax gap.' What it means for investors

The U.S. Treasury and IRS have proposed regulations for crypto tax reporting, emphasizing the importance of accurately reporting and tracking crypto activity; investors are advised to consider amending past tax returns and keep their own records despite the introduction of Form 1099-DA.

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8/25/2023

U.S. Crypto Tax Proposal Lets Miners Off the Hook, Snares ‘Some’ Decentralized Exchanges

The US Treasury Department has proposed new tax rules for crypto exchanges, hosted wallet providers, and payment processors, requiring them to meet tax reporting obligations, while exempting miners and some decentralized finance platforms.

8/25/2023

Sweeping U.S. Tax Proposal Met With Boos From Crypto World

The U.S. Treasury Department's new proposal on digital asset taxes is facing criticism from the crypto industry, as it may capture decentralized operations that are difficult to comply with, although it may also provide a clear path for crypto investors to file their taxes.

8/25/2023

U.S. Department of the Treasury, IRS Release Proposed Regulations on Sales and Exchanges of Digital Assets by Brokers

The U.S. Department of the Treasury and the IRS have released proposed regulations on the sale and exchange of digital assets, requiring brokers to report certain transactions and helping taxpayers determine their tax obligations.

8/27/2023

Crypto community reacts to Biden's proposed crypto tax reporting rules

Prominent crypto commentators criticize the new crypto tax reporting rules proposed by President Joe Biden, fearing that they will push the crypto industry further away from the US and stifle innovation.

9/5/2023

Japanese regulator seeks to scrap “unrealized gains” tax on crypto

The Japanese Financial Services Agency has proposed changing the tax code to exempt domestic firms from paying end-of-the-year "unrealized gains" tax on cryptocurrencies.

9/7/2023

US Treasury, IRS propose cryptocurrency regulations for brokers

The US Department of the Treasury and the IRS have proposed regulations that would require digital asset brokers to report gross proceeds and provide information on gains and losses from the sale of crypto assets starting in 2025.

9/12/2023

IRS Plans to Use AI to Boost Audits of Wealthy Taxpayers and Corporations

The IRS is planning to use enhanced technology and artificial intelligence to collect unpaid taxes from higher earners, partnerships, and large corporations, potentially transforming tax compliance but also raising challenges for the agency. Increased scrutiny and audits of large partnerships, businesses, and high-net-worth families are expected within the next few years. Taxpayers are advised to keep organized tax records to support their positions from past returns.

9/13/2023

EU Parliament Approves Sweeping Crypto Tax Reporting Rule DAC8 Despite Criticisms

Lawmakers in the European Parliament overwhelmingly voted in favor of the cryptocurrency tax reporting rule, DAC8, with 535 votes for, 57 against, and 60 abstentions, empowering tax collectors to track and assess all crypto transactions within member states.

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Posted 8/29/2023, 4:29:10 PM

Treasury proposes crypto reporting rule to 'close the tax gap.' What it means for investors

cnbc.com

Relevant topic timeline:

8/25/2023

U.S. Crypto Tax Proposal Lets Miners Off the Hook, Snares ‘Some’ Decentralized Exchanges

8/25/2023

Sweeping U.S. Tax Proposal Met With Boos From Crypto World

8/25/2023

U.S. Department of the Treasury, IRS Release Proposed Regulations on Sales and Exchanges of Digital Assets by Brokers

8/27/2023

Crypto community reacts to Biden's proposed crypto tax reporting rules

9/5/2023

Japanese regulator seeks to scrap “unrealized gains” tax on crypto

The Japanese Financial Services Agency has proposed changing the tax code to exempt domestic firms from paying end-of-the-year "unrealized gains" tax on cryptocurrencies.

9/7/2023

US Treasury, IRS propose cryptocurrency regulations for brokers

9/12/2023

IRS Plans to Use AI to Boost Audits of Wealthy Taxpayers and Corporations

9/13/2023

EU Parliament Approves Sweeping Crypto Tax Reporting Rule DAC8 Despite Criticisms