Senators push through bill with surprise crypto tax amendment
In a surprise amendment to a massive bipartisan US infrastructure bill, senators have moved to collect tax on cryptocurrency – requiring transactions of more than $10,000 to be reported to the IRS.
With the amendment approved, the bill will now be presented to the House of Representatives and the US Senate where it could soon be written into law.
The new bill will focus on businesses – such as centralised exchanges (CEX) – creating a legal obligation for them to report transactions of more than $10k on their platforms to the Inland Revenue Service (IRS).
$10,000 transactions are already the standard threshold for IRS reporting requirements, so this latest proposal can be seen as an extension of the information reporting regime into the crypto space.
https://finance.yahoo.com/news/senators-push-bill-surprise-crypto-115026952.html
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