Welcome

2020 Uncertainty Slows IRS Crypto Broker Rules Release (Correct)

July 16, 2020, 7:21 PM; Updated: July 20, 2020, 1:15 PM

Events of 2020 have forced Treasury to push back its timeline for rules on reporting obligations of brokers who facilitate cryptocurrency sales, according to a Treasury official.

The coronavirus pandemic and the resulting longer-than-usual filing season are among the oddities of 2020 impacting the department. Treasury is working on proposed regulations (RIN: 1545-BP71) dealing with the reporting requirements of crypto brokers under tax code Section 6045. The code section requires brokers to file information returns with the IRS showing the gross proceeds from sales of certain securities and commodities.

  • The government’s regulatory agenda originally had the guidance ...

To read the full article log in. To learn more about a subscription click here.