IRS Makes New Crypto Broker Guidance a ‘Priority’ in 2021-22 Plan

Biden’s Treasury Department is opening another front in its effort to police crypto tax cheats. Read the full article by: Danny Nelson

Key Points:

• The Biden administration is showing that they are serious about making sure crypto taxes are being reported not only because of this announcement but also with the Infrastructure Bill that will be decided on by next month by the House of Representatives.

• In May the Biden Treasury Department started looking at many proposals to put an end to tax evasion by requiring crypto brokers to report certain information.

• Last Month Bloomberg reported that the Treasury Department does not intend to define a broker as anything other than an exchange; however, that may not be something to bank on.