IRS adds crypto taxes to raise extra $28B
The US Internal Revenue Service (IRS) will raise an additional $28 billion (~£20 billion) in taxes from cryptocurrency transactions. Such estimates are contained in the latest version of the bipartisan congressional plan and aimed to fund infrastructure spending.
Tightening transaction reporting
The latest amendments propose to tighten transaction reporting rules for cryptocurrency brokers, as well as imply compulsory reporting of all digital asset transfers over $10,000 (~£7,100).
“The provision includes updating the definition of broker to reflect the realities of how digital assets are acquired and traded. The provision further makes clear that broker-to-broker reporting applies to all transfers of covered securities within the meaning of section 6045(g)(3), including digital assets,” the document reads.
$28 billion will be allocated to sponsor transportation and electricity infrastructure, which lawmakers have estimated at $550 billion (~£394 billion).
Earlier in June, the IRS requested increased funding to strengthen oversight in the cryptosphere.
The US Department of the Treasury has also proposed to expand the reporting requirements for brokers in relation to digital currencies. They will be required to provide data on account beneficiaries to the Information Sharing Environment (ISE).
The IRS took off with the simplest tax returns and is now looking into more complex regulations. Fresh amendments to the bipartisan congressional plan imply increased taxes on crypto transactions. The US is no fool and finds new ploys to get extra funding for its greatness.
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