Bloomberg Tax
Oct. 17, 2019, 3:50 PM

IRS Hopes to Tackle Information Reporting in Next Crypto Guidance

Allyson Versprille
Allyson Versprille

The IRS’s next round of crypotcurrency guidance will likely focus on information reporting, the agency’s top lawyer said.

“It’s no mystery that when you have any kind of information reporting your level of compliance increases dramatically,” IRS chief counsel Michael Desmond said Oct. 17 during a Washington event hosted by the Tax Policy Center.

The first priority will be guidance under tax code Section 6045, which lays out information reporting requirements for brokers. The tax code defines the term “broker” as a dealer, a barter exchange, or any other person who regularly acts as a middleman with ...

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