On November 15, 2021, President Biden signed the Infrastructure Investment and Jobs Act, which significantly expands tax information reporting for certain cryptocurrency transactions. The Infrastructure Bill includes an information reporting requirement for cryptocurrency asset exchanges and custodians on an IRS Form 1099, and an information reporting requirement for certain persons who accept large payments in cryptocurrency in such person’s trade or business on an IRS Form 8300.
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Timothy L. Jacobs
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President Biden’s Proposal to Enhance Cryptocurrency Information Reporting Regime on Form 1099
By Timothy L. Jacobs & Jason Feingertz on
On May 28, 2021, President Biden released some of the legislative items that would be added by his American Families Plan, which includes a provision that could impact tax information reporting for cryptocurrency asset exchanges and custodians. If enacted, this proposal could require substantial effort to implement and administer.
Continue Reading President Biden’s Proposal to Enhance Cryptocurrency Information Reporting Regime on Form 1099