IRS Proposed Rule on Digital Asset Dealer Reporting Might Kill Crypto in America

Though the IRS has lastly launched its proposed rulemaking, it did so practically two years after the IIJA was handed. If the digital asset ecosystem is to have readability in tax issues, it’s going to require the IRS to supply each well timed and well-informed steerage — one thing it has fallen wanting doing to this point. As an illustration, in July the IRS launched steerage that mentioned staking rewards ought to be taxed at receipt as gross earnings. Nevertheless, this steerage doesn’t keep in mind the realities and complexities of staking.