IRS Proposed Rule on Digital Asset Broker Reporting Could Kill Crypto in America

Though the IRS has lastly launched its proposed rulemaking, it did so almost two years after the IIJA was handed. If the digital asset ecosystem is to have readability in tax issues, it can require the IRS to supply each well timed and well-informed steerage — one thing it has fallen wanting doing thus far. As an example, in July the IRS launched steerage that mentioned staking rewards needs to be taxed at receipt as gross revenue. Nevertheless, this steerage doesn’t keep in mind the realities and complexities of staking.