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Blockscroll > Crypto > The Biden Administration Postpones Tax Rules for Crypto Brokers
Crypto

The Biden Administration Postpones Tax Rules for Crypto Brokers

Mridul Srivastava
Last updated: 2022/12/23 at 10:42 PM
By Mridul Srivastava 1 month ago
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1 Min Read
The Biden Administration Postpones Tax Rules for Crypto Brokers
The Biden Administration Postpones Tax Rules for Crypto Brokers
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  • 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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TAGGED: Bitcoin, Crypto, Crypto Regulations, USA
Mridul Srivastava December 23, 2022
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Mridul Srivastava
By Mridul Srivastava
Mridul is an MBA pursuing a content writing career. He is a dedicated, detail-oriented freelance writer with over 2 years of experience and knowledge in the fields of Web3, blockchain, cryptocurrency, and NFTs. He is skilled in producing long and short content per the guidelines and client requirements for maximum search engine optimization.
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