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The Biden Administration Postpones Tax Rules for Crypto Brokers

The Biden Administration Postpones Tax Rules for Crypto Brokers

  • The Biden administration postponed requiring cryptocurrency brokers to monitor and report investors’ earnings to the IRS.
  • As part of the $1 trillion infrastructure bill passed into law in 2021, Congress compelled digital asset dealers to report transaction revenues to the IRS on a 1099 form.
  • The proposal aimed to garner $28 billion over 10 years by putting standard securities broker restrictions on crypto trading.
  • The IRS and Treasury stated Friday that the new reporting regulations wouldn’t take effect until they complete writing the governing rules.

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