The IRS is finally proposing rules for crypto tax reporting, giving the industry its own 1099 form and declaring digital asset miners safe from the future requirements.
for crypto businesses. It wasn’t specific about whether they’ll be asked to provide information to the government that they can’t get, or whether it would affect companies that don’t have direct relationships with customers – most notably mining operations.
“This is part of a broader effort at Treasury to close the tax gap, address the tax evasion risks posed by digital assets, and help ensure that everyone plays by the same set of rules,” said a statement from the Treasury explaining the proposed rule. The definition of brokers, it says, “includes digital asset trading platforms, digital asset payment processors, certain digital asset hosted wallet providers, and persons who regularly offer to redeem digital assets that were created or issued by that person.”
A miner that receives fees for validating transactions would be exempted from the reporting requirements, as it’s not a middleman or broker for the purposes of this law, according to the documents’ embedded analysis. Similarly, any other entities that are only focused on validating transactions on a distributed ledger would be beyond reach of the rules.
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