United

Coin

<ul class="news-points"> 
 <li>The IRS released new tax gap projections for 2020 and 2021, estimating a tax gap of $688 trillion.</li> 
 <li>While the tax gap shows a substantial increase from the previous tax years, the IRS proposed new rules.</li> 
 <li>Coinbase commented that these rules would be incomprehensible and unduly burdensome.</li> 
</ul> 
According to the new tax gap projections for 2020 and 2021<a href="https://www.irs.gov/newsroom/irs-updates-tax-gap-projections-for-2020-2021-projected-annual-gap-rises-to-688-billion" target="_blank" rel="nofollow"> </a><a href="https://www.irs.gov/newsroom/irs-updates-tax-gap-projections-for-2020-2021-projected-annual-gap-rises-to-688-billion" target="_blank" rel="nofollow">released</a> by the Internal Revenue Service (IRS), the “tax gap” in the United States has surpassed $600 billion in 2021. The IRS proposed new rules to confront the growing tax gap, pointing out that the findings couldn’t account for noncompliance in areas including digital assets and cryptocurrencies. 
While calculating the tax gap, the vast difference between the “true” tax liability and the tax that is paid on time is revealed, covering three key areas, including non-filing of taxes, underreporting of taxes, and underpayment of taxes. According to reports from Forbes, the Statutory body <a href="https://www.forbes.com/sites/kellyphillipserb/2023/10/12/irs-says-tax-gap-for-2021-expected-to-be-688-billion/?sh=47bf20e16e43" target="_blank" rel="nofollow">estimated</a> that the true tax liability for 2021 stands at $4.565 trillion, while the voluntarily paid tax is identified as $3.877 trillion, marking a gap of $688 billion. The current tax gap represents a staggering high compared…
The post <a rel="nofollow" href="https://coinedition.com/new-irs-rules-may-shudder-crypto-industries-says-coinbase/">New IRS Rules May Shudder Crypto Industries, Says Coinbase</a> appeared first on <a rel="nofollow" href="https://coinedition.com">Coin Edition</a>.

New IRS Rules May Shudder Crypto Industries, Says Coinbase

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