One of the key revenue generators in the bill involves new tax-reporting provisions applying to digital assets, although they're not scheduled to begin until 2024. One analysis suggests the gap between what individuals paid in cryptocurrency capital gains and what they were supposed to be on the hook for in 2018 came close to $11.5 billion.
Estimated reading time: 0 minutes, 26 seconds
Much-anticipated Infrastructure Bill Includes New Crypto Tax Requirements
The long-awaited $1.2 trillion infrastructure bill recently passed by Congress includes new cryptocurrency tax requirements despite an aggressive lobbying effort to leave them out. So reports Fox Business.
Most Read
-
-
Apr 27 2019
-
Written by FinTech News Brief Staff
The Securities and Exchange Commission announced the concept of digital…
-
-
-
Jan 09 2019
-
Written by FinTech News Brief Staff
Ripple CEO Brad Garlinghouse said cryptocurrency and blockchain stand to…
-
-
-
Sep 21 2018
-
Written by Jacob Roberts
Online software vendor Kashoo is forming focus group to react…
-
-
-
Sep 03 2020
-
Written by FinTech News Brief Staff
The IRS issued new guidance indicating cryptocurrency earned from crowdsourcing-based…
-