United

April

<ul>
 <li>An early version of Form 1099-DA was issued in April by the IRS.</li>
 <li>Consensys also raised the issue that brokers have little time to comply before the filing deadline.</li>
</ul>
In a letter sent to the United States Internal Revenue Service (<a href="https://thenewscrypto.com/u-s-irs-introduces-form-for-digital-asset-transaction-reporting-in-2025/" target="_blank" rel="noopener noreferrer nofollow">IRS</a>), blockchain development company Consensys asked for a postponement of the planned tax legislation. That would have exchanges and brokers report specific cryptocurrency sales.
The letter stated:
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “We must echo our overarching concern … that certain aspects of the regulations do not sufficiently consider the burden on the would-be broker, which currently includes entities that do not traditionally have any reporting obligations.”
</blockquote>
<h3 class="wp-block-heading" id="h-not-enough-specific-instructions">Not Enough Specific Instructions</h3>
An early version of Form 1099-DA was issued in April by the IRS. This form is a result of tax reporting guidelines that were suggested in August of last year. Which said that crypto brokers will be handled similarly to conventional brokers for items like stocks and bonds.
If certain cryptocurrency transactions occur, brokers or other businesses designated by the regulations would be required to submit Form 1099-DA on behalf of their clients. The tax office has included a wide variety of brokers on its preliminary list. These include kiosk operators, processors of digital asset payments, providers of hosted and unhosted wallets, and others.
The developers of the <a href="https://metamask.io/" target="_blank" rel="noopener noreferrer nofollow">MetaMask</a> wallet, Consensys, were critical of the preliminary form, saying that it might lead to duplicate transactions being reported since the definition of a broker was too wide and there weren’t enough specific instructions.
The blockchain company was also critical of the laws’ capacity to fix crypto’s data privacy problems. <a href="https://thenewscrypto.com/former-consensys-employees-sue-founder-over-shares-dispute/" target="_blank" rel="noopener noreferrer nofollow">Consensys</a> also raised the issue that brokers have little time to comply before the tax filing deadline, which is fast approaching.
Highlighted Crypto News Today:
<a href="https://thenewscrypto.com/binance-completes-tether-usdt-integration-on-ton-blockchain/" target="_blank" rel="noopener noreferrer nofollow">Binance Completes Tether (USDT) Integration on TON Blockchain</a>

Consensys Urges U.S IRS to Postpone Crypto Tax Reporting Rules

목차

TheNewsCrypto

2024년 6월 21일에 게재된 다른 기사

Why Bitgert is a High Growth Crypto Token to Watch This Year

Gemini's Winklevoss Twins Back Trump with $2M Donation to End Biden's Crypto War

BlockDAG’s Thrilling $52.3M Presale & $2M Giveaway Eclipse Dogwifhat’s Decline and Arbitrum’s Fee...

Last Chance To Buy Meme Coin Sealana! Presale Ends in 4 Days After Raising Over $5 Million

Binance Announces Tether (USDT) Integration on Toncoin (TON) Network

Winklevoss Brothers Donate $2 Million To Donald Trump Campaign, Say Biden Is Weaponizing SEC Agai...

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!