{"id":172531,"date":"2023-10-12T03:36:22","date_gmt":"2023-10-11T22:06:22","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=172531"},"modified":"2023-10-12T03:36:22","modified_gmt":"2023-10-11T22:06:22","slug":"us-lawmakers-urge-irs-to-implement-crypto-tax-reporting-requirements-before-2026-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/us-lawmakers-urge-irs-to-implement-crypto-tax-reporting-requirements-before-2026-crypto-news\/","title":{"rendered":"US lawmakers urge IRS to implement crypto tax reporting requirements before 2026 – Crypto News"},"content":{"rendered":"
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Seven members of the United States Senate have called on the Treasury Department and Internal Revenue Service (IRS) to advance a rule imposing certain tax reporting requirements for crypto brokers \u201cas swiftly as possible\u201d.<\/p>\n

In an Oct. 10 letter to Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel, a group of U.S. senators including Elizabeth Warren and Bernie Sanders criticized<\/a> a two-year delay in implementing crypto tax reporting requirements, which are scheduled to go into effect<\/a> in 2026 for transactions in 2025. The lawmakers claimed delaying implementation of the rules could cause the IRS to lose roughly $50 billion in annual tax revenue, and continue policies allowing bad actors to avoid paying taxes.<\/p>\n

\u201cWhile we applaud the substance of the proposed regulations and your agencies\u2019 efforts to ensure taxpayers continue to report crypto activity, we are deeply concerned that the final rule will not become effective until 2026,\u201d said the letter. \u201c[A]ny delay would give crypto lobbyists even more opportunity to undermine the Administration\u2019s efforts to impose basic reporting requirements on the nearly unregulated crypto sector, at a time when the industry is already pushing to repeal the recently enacted reporting requirements. The time to act is now.\u201d<\/p>\n

Warren took<\/a> to X (formerly Twitter) on Oct. 11 to refer to crypto as \u201cthe not-so-secret financial weapon\u201d funding Hamas amid the group\u2019s war with Israel. Following requests from Israeli law enforcement, crypto exchange Binance announced it had frozen accounts<\/a> linked to Hamas on Oct. 10.<\/p>\n

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It\u2019s alarming and should be a wakeup call for lawmakers and regulators that digital wallets connected to Hamas received millions of dollars in cryptocurrencies. https:\/\/t.co\/yUVSIElI8v<\/a><\/p>\n

\u2014 Elizabeth Warren (@SenWarren) October 11, 2023<\/a><\/p><\/blockquote>\n

Related: <\/em><\/strong>IRS releases draft of proposed reporting rules for digital asset brokers<\/em><\/strong><\/a><\/p>\n

The crypto reporting requirements, proposed by the IRS in August, were still open to public comments until Oct. 30. Brokers would be required to “help taxpayers determine if they owe taxes” through crypto as well as report information on digital asset transactions. Representative Patrick McHenry, currently acting as interim House Speaker following Republican lawmakers voting to declare the office vacant, has criticized<\/a> the measure as an \u201cattack on the digital asset ecosystem\u201d.<\/p>\n

Magazine: <\/em><\/strong>Best and worst countries for crypto taxes \u2014 plus crypto tax tips<\/em><\/strong><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Seven members of the United States Senate have called on the Treasury Department and Internal Revenue Service (IRS) to advance a rule imposing certain tax reporting requirements for crypto brokers \u201cas swiftly as possible\u201d. In an Oct. 10 letter to Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel, a group of U.S. senators including […]<\/p>\n","protected":false},"author":2,"featured_media":172532,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-172531","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/172531","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=172531"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/172531\/revisions"}],"predecessor-version":[{"id":172534,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/172531\/revisions\/172534"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/172532"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=172531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=172531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=172531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}