A LOWTAX NETWORK INTERNATIONAL BUSINESS SMART TOOL
HOME ABOUT ONLINE GIG TOOL JURISDICTION INFORMATION PROVIDERS ARTICLES & FEATURES

US Lawmakers Approve New Cryptoassets Reporting Rules

Mike Godfrey, Tax-News.com, Washington

25 August, 2021

The US Senate has approved the inclusion of new provisions in the bipartisan infrastructure bill to require intermediaries involved in cryptocurrency trading to report details about transactions.

Despite concerns raised by various lawmakers that the provisions fail to provide clarity about who the reporting requirement would apply to, two proposed clarificatory amendments were rejected.

These would have clarified the term "brokers", on whom the reporting obligation would fall, after concerns that parties without access to the requisite information would be obligated to report, such as virtual currency miners.

The proposals would require "brokers" to include information about cryptocurrency transactions they have facilitated on a 1099 form. The bill defines brokers as "any person who (for consideration) is responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person."

TAGS: individuals | environment | tax | law | United States | services | BEPS |

 

 

SHARE

Share on FacebookTwitter
linkedin share buttonstumbleDeliciousEmail

FOLLOW

FacebookTwitterGoogle+LinkedInTechnorati

Important Notice: Wolters Kluwer (BSI) Limited has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.

All rights reserved. © Wolters Kluwer (BSI) Limited