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Archive by Month: February 2022
U.S. Treasury Department Provides Clarity on Crypto Miners’ and Stakers’ Tax Reporting Obligations
Articles/News, Offshore Account UpdatePosted on February 14, 2022
As Boston tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, discussed last year, the 2021 Infrastructure Investment in Jobs Act (IIJA) contains some important – and potentially troubling – provisions for cryptocurrency investors and others in the crypto space. In particular, the IIJA contains multiple new reporting requirements, including a requirement for “brokers” to report their customers’ transactions to the Internal Revenue Service (IRS). However, the legislation leaves “brokers” undefined, and the statute’s operative language is broad enough that this term could potentially encompass miners and stakers, among others.
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