What you need to know (and fear) about the new IRS encrypted tax report Author: Cointelegraph

Infrastructure Investment and Employment Act (Human resources 3684) Putting cryptocurrency in the crosshairs, Congress and the Internal Revenue Service (IRS) hope to get huge taxes. It is expected that this reporting system will generate a staggering $28 billion in revenue in the next ten years. In this large-scale federal law recently enacted, there are no other provisions that should generate even close taxes. If you don’t think this means that the IRS will acquire your cryptocurrency in a very large way, and Congress is working hard to promote it, please think again.

this The crypto community is angry When the measure was first proposed and attempted to force a counterattack. This effort has led to some reductions, but these regulations have been promulgated anyway. Some people are still talking about repealing the bill, but when the Biden administration may need $28 billion, this may prove to be a difficult sale. According to promulgated regulations, Form 1099 and other reporting rules will not take effect until December 31, 2023. Even so, because the report on Form 1099 was completed in January of the previous year. This means that 2023 will be an important tax year.

Robert W. Wood Is a tax lawyer representing global clients in the San Francisco office of Wood LLP, where he is the managing partner. He is the author of numerous tax books and frequently writes articles about tax for Forbes, Tax Notes, and other publications.