Topics

Posted 8/26/2023, 6:45:28 PM

U.S. Treasury and Internal Revenue Service Publish New Proposed Crypto Tax Regulations - The Daily Hodl

The US Department of the Treasury and the IRS are proposing new tax regulations for the digital assets industry, requiring payment platforms, wallet providers, trading firms, and real estate brokers to file tax returns on certain sales or exchange transactions involving cryptocurrencies.

dailyhodl.com

Relevant topic timeline:

8/25/2023

IRS releases draft of proposed reporting rules for digital asset brokers

The United States Internal Revenue Service (IRS) has proposed regulations that would require brokers to report the sale and exchange of digital assets using a new form, aiming to simplify tax filing and reduce tax fraud. The proposed regulations align digital asset reporting with reporting on other types of assets, and it is part of the Biden administration's implementation of the Infrastructure Investment and Jobs Act. The proposed rules are expected to go into effect in 2026 and have received mixed reactions from industry advocates and lawmakers.

8/25/2023

Biden's Crypto Tax Proposal Is Attempt to 'Kill' Adoption in US, Says Financial Services Chair - Decrypt

The Chairman of the House Financial Services Committee, Patrick McHenry, criticized the Biden Administration's proposed crypto tax regulations, claiming that they aim to "kill" the digital asset industry in the U.S. and urged for clearer rules.

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.

8/29/2023

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.

8/31/2023

Crypto may see second wind in the US as courts ‘rein in the SEC’ — Lawyer

Court rulings in the United States are beginning to challenge the Securities and Exchange Commission's stance on digital assets, leading to hopes of a resurgence in the crypto industry in the country.

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.

9/6/2023

IRS’s New Crypto Tax Rules Pose A Threat To DeFi

The IRS has issued proposed regulations defining the term "broker" in relation to digital assets, including decentralized finance platforms, and outlining tax reporting requirements for cryptocurrency transactions, which could have implications for DeFi platforms and users.

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.

9/7/2023

New Accounting Rules Help Companies Holding Crypto Like Tesla

The U.S. Financial Accounting Standards Board has voted to change how digital assets are valued, a move that could benefit companies, including Tesla and Bitcoin, that hold cryptocurrency.

9/9/2023

G20 Leaders Endorse New Global Tax Rules and Crypto Asset Regulation

G20 leaders have agreed to implement global tax reforms encompassing digital economy taxation and a global minimum corporate tax rate, with significant progress already made on the first pillar and a Multilateral Convention (MLC) expected to be ready for signature in the second half of 2023. Additionally, the leaders called for the swift implementation of a Crypto-Asset Reporting Framework (CARF) and the regulation of crypto-assets activities and markets.

9/18/2023

SEC Commissioner Urges Crypto Firms to Keep Engaging Despite Regulatory Uncertainty

Hester Peirce, a commissioner with the SEC, has called for clarity on digital asset regulations and expressed disappointment with the SEC's progress in developing a regulatory framework for cryptocurrencies, highlighting the need for the United States to catch up with countries like Switzerland and Singapore.

Topics

Posted 8/26/2023, 6:45:28 PM

U.S. Treasury and Internal Revenue Service Publish New Proposed Crypto Tax Regulations - The Daily Hodl

dailyhodl.com

Relevant topic timeline:

8/25/2023

IRS releases draft of proposed reporting rules for digital asset brokers

8/25/2023

Biden's Crypto Tax Proposal Is Attempt to 'Kill' Adoption in US, Says Financial Services Chair - Decrypt

8/27/2023

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

8/29/2023

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

8/31/2023

Crypto may see second wind in the US as courts ‘rein in the SEC’ — Lawyer

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.

9/6/2023

IRS’s New Crypto Tax Rules Pose A Threat To DeFi

9/7/2023

US Treasury, IRS propose cryptocurrency regulations for brokers

9/7/2023

New Accounting Rules Help Companies Holding Crypto Like Tesla

The U.S. Financial Accounting Standards Board has voted to change how digital assets are valued, a move that could benefit companies, including Tesla and Bitcoin, that hold cryptocurrency.

9/9/2023

G20 Leaders Endorse New Global Tax Rules and Crypto Asset Regulation

9/18/2023

SEC Commissioner Urges Crypto Firms to Keep Engaging Despite Regulatory Uncertainty