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Author: Turner Wright, Cointelegraph; Compilation: Songxue, Bit Chain Vision Realm
Some aspects of the infrastructure bill signed by US President Joe Biden have taken effect, including requirementsReport the digital asset transaction worth more than 10,000 US dollars to the US Domestic Taxation Agency (IRS)Terms.
The cross -party infrastructure bill, which was passed by Congress and signed by President Biden in 2021, expanded the requirements for agents, requiring many encrypted exchanges and hosting IRS to report an encryption transaction with a value of more than $ 10,000.After the bill was passed, many members proposed additional legislation to “repair” reports, claiming that the information that the agent needs to collect will be difficult or impossible to collect.
The bill requires an encrypted agent to report personal information about the transaction to IRS within 15 days, including the name, address and social security number of the sender.These requirementsIt aims to reduce the tax gap in the United States. It was originally planned to take effect in January 2023, and the company will send reports to IRS in 2024.
According to the COIN Center Executive Director Jerry Britto, many users are “difficult to discover” reports without the guidance of IRS.He speculated that the applicant will try to abide by the law, but may face the risk of felony in a felony.
“If a miner or verification person receives more than $ 10,000 block rewards, they should report whose name, address and social security number?So who should you report to the $ 10,000 cryptocurrency? And what standards should you measure the number of specific cryptocurrencies based on what standards are equivalent to more than 10,000 US dollars? “
Britto added: “When someone conducts such donations, the real tricks of this requirement will become obvious, but just send Bitcoin or Ethereum to our public address.In this case, who can we list it as a sender? “
In August, Coin Center proposed that IRS established a trivial exemption for encrypted transactions as a solution to the fuzzyness of solving the report guide and not requiring the government to require the government’s second -party application requirements for encrypted transactions.IRS began to request a special report of digital asset transactions in the US taxpayer since 2019. However, the expansion of these requirements under the cross -party infrastructure bill may make the 2024 report difficult.
