August 31, 2021 - Chugh

Day: August 31, 2021

New Reporting Requirements Could Make it Easier for the IRS to Collect Capital Gains Tax on Cryptocurrency

The Senate recently passed Democrats’ $3.5 trillion budget resolution package. While the policy is not yet law, it could have major changes in store for how the US taxes cryptocurrencies. Specifically, the policy would impose reporting requirements on cryptocurrency brokers, similar to how stockbrokers must report customers’ sales to the Internal Revenue Service (IRS).

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