IRS Hires Crypto Tax Experts
The US Internal Revenue Service (IRS) has brought on board two former cryptocurrency company employees as consultants to aid in crafting the definitive tax regulations for digital assets. This move will impact all crypto businesses, including exchanges and brokers, requiring them to report all transactions per client.
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The US Internal Revenue Service (IRS) has brought on board two former cryptocurrency company employees as consultants to aid in crafting the definitive tax regulations for digital assets. This move will impact all crypto businesses, including exchanges and brokers, requiring them to report all transactions per client.
Pulling in expertise from the private sector to work with the IRS team is critical to successfully building the agency’s efforts involving digital assets and helping us do it in a way that works well for everyone,
IRS Commissioner Danny Werfel remarked on the announcement.
Sulolit Mukherjee, a global head of tax at the blockchain software company Consensys and an ex-employee of Binance US, is one of the newly appointed advisers. Seth Wilks, who was the vice president of government relations and success at the crypto tax software firm TaxBit, will also join the IRS in a similar role.
Previously, the prominent American crypto exchange Coinbase vocally opposed the new tax regulations, citing concerns over transaction privacy infringement, burdensome reporting, and lack of technical neutrality, among other issues. More detailed information on cryptocurrency trading and investment taxes can be found in our dedicated article.
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