The new infrastructure bill expands the definition of cash to include “digital assets” and includes tax reporting provisions that capture Miners, stakers, lenders, decentralized application and marketplace users, traders, businesses, and individuals into these reporting requirements
The Crypto Industry and many in Government want to :”fix” the legislation by narrowing the definition of “broker” so the Internal Revenue Service can not target crypto miners, developers and others, who don’t have any customers or have access to information needed to comply with tax reporting requirements.
Attorney Steven A. Leahy reviews the new Bill and the impact on the Crypto industry and growth.
Steven A. Leahy is a tax attorney in Illinois. He was the host of the long-running popular Radio Show “The IRS Radio Hour” heard every Sunday evening on AM 560 The Answer. Attorney Leahy is also the author of the book “Deal With Your IRS Problems Today!” You can get a FREE copy of this important book at FreeIRSBook.com. Or Call 24/7 (312)664-6649