IRS ‘Testing’ of Statutory Boundaries Prompts Ire of Lawmakers

The IRS has issued guidance giving e-commerce companies and crypto brokers more time than the laws require before reporting rules kick in, raising red flags among some lawmakers.

Recently enacted laws have laid out new and updated requirements for e-commerce platforms and crypto brokers on disclosing customer transactions to the IRS. But leading up to the statutory start dates for these disclosure requirements, the IRS and Treasury Department issued guidance delaying when the effective dates would begin for both types of companies.

The IRS in August released guidance delaying when brokers will be required to report the crypto disclosure requirements, ...