Section 80603 of the law seeks to “provide more certainty for Americans looking to invest in these digital assets, ensuring that crypto investors receive the same tax documents, generally a Form 1099-B, from their brokers that stock traders receive, which in turn will enable them to file their taxes more easily and promote higher compliance,” the lawmakers told Yellen in a letter Tuesday.
They said the provision is one of the federal government’s initial efforts to better integrate virtual currency and other digital assets into the U.S. tax code.
The move is in response to concerns from market participants over the broad interpretation of the definition of broker in the provision.
The lawmakers have called on the Department of the Treasury to issue guidance no later than the end of calendar year 2021 added that they are ready to propose legislation to address the matter.
Sens. Rob Portman, R-Ohio; Mark Warner, D-Va.; Mike Crapo, R-Idaho; Kyrsten Sinema, D-Ariz.; Pat Toomey, R-Pa.; and Cynthia Lummis, R-Wyo, signed the missive.
On Jan. 27, the Potomac Officers Club will bring together distinguished government and industry leaders to offer the GovCon community an insight into the national security aspect of digital currencies.
POC’s Digital Currency and National Security forum will feature National Cyber Director Chris Inglis; and Juan Zarate, global co-managing partner and chief strategy officer at K2 Integrity, as speakers.
BAE Systems has received a $117.7 million contract modification from the U.S. Navy to support depot-level modernization, maintenance and repair of USS…
Advanced wireless infrastructure is becoming as strategically important as artificial intelligence in modern defense operations 5G standalone enables network slicing,…
