Clarity or confusion? Crypto tax proposal earns mixed reactions

August 26, 2023

The US Treasury Department recently released an extensive 300-page proposal detailing cryptocurrency tax reporting guidelines. The new rules could mark the beginning of a new era of clarity for investors and crypto businesses, who accountants say have struggled to decipher tax obligations for years. “Although tax information reporting requirements have played a key role in traditional finance — as a necessary element of tax compliance — such requirements have been missing from the digital asset ecosystem,” Miles Fuller, head of government solutions at TaxBit, said. In 2021, the Blockchain Association, a crypto lobbying group, sent a letter to US senators about the Infrastructure Investment and Jobs Act. Get the day’s top crypto news and insights delivered to your email every evening.

The source of this news is from TaxBit