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Things to know (and fear) about new IRS crypto tax reporting By Cointelegraph

The Infrastructure Investment and Jobs Act (H.R. 3684) put crypto within the crosshairs, the place Congress and the Internal Revenue Service (IRS) hope to scoop up huge tax {dollars}. This reporting regime is projected to rake in an astounding $28 billion over the following ten years. No different provision on this large just lately enacted federal legislation is meant to produce tax {dollars} which might be even shut. If you don’t assume which means the IRS is coming in your crypto in a really massive manner and that Congress is making an attempt onerous to facilitate it, assume once more.

The crypto group was outraged when the measure was first proposed and tried to push again onerous. That effort resulted in some narrowing, however the provisions had been enacted anyway. Some individuals are nonetheless speaking about a repeal effort, however that would show to be a tough promote when $28 billion is on the road that the Biden administration may have. As enacted, Form 1099 and different reporting guidelines don’t take impact till December 31, 2023. Even so, since Form 1099 studies are carried out in January for the prior yr. That means 2023 might be an enormous tax yr.

Robert W. Wood is a tax lawyer representing shoppers worldwide from the workplace of Wood LLP in San Francisco, the place he’s a managing accomplice. He is the writer of quite a few tax books and ceaselessly writes about taxes for Forbes, Tax Notes and different publications.

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