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Crypto Tax Evasion to be Targeted by Republican Senator’s Bill

April 13, 2021, 4:06 PM

Sen. Rob Portman (R-Ohio) said Tuesday that his office is working on a bill to define cryptocurrency for tax purposes and impose new reporting rules to stop tax evasion through digital assets like Bitcoin.

“It’s meant to be bipartisan and something where we can help to close the tax gap in that area,” Portman said during a Senate Finance Committee hearing. The tax gap is the difference between what taxpayers owe and what they actually pay on time. Portman asked IRS Commissioner Charles Rettig if the agency would be willing to offer suggestions on the type of reporting ...