Bloomberg.com reported that “The U.S. Treasury Department indicated that it plans to spare crypto miners and stakers from rules that would require digital-asset brokers to turn over information on their clients' transactions to the IRS.” The February 11, 2022 report entitled “Treasury Signals Crypto Miners Won't Face IRS Reporting Rule” included these comments:
The broker tag is important because it will force firms to collect and disclose detailed information on customers, including names and addresses, gross proceeds from sales, and any capital gains or losses.
The industry has argued that certain groups, such as miners and stakers, don't have access to that kind of information, making compliance difficult -- if not impossible -- if they were swept in.
Treasury intends to issue proposed regulations in the future that reflect its thinking on the broker definition,…
This a big relief to many folks since these reporting requirements were part of the 2021 infrastructure bill.
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