US senators call to implement strict tax reporting rules for crypto
US Senators urge Treasury and IRS to implement crypto tax rules by December 2023, warning of potential $1.5 billion revenue loss. Four U.S. Senators, Elizabeth Warren, Robert P. Casey, Jr., Richard Blumenthal, and Bernard Sanders, have sent a letter to the Department of the Treasury and the Internal Revenue Service, alerting them of the potential loss of tax revenue if crypto tax reporting rules are not implemented by Dec. 31, 2023. Referring to the Infrastructure Investment and Jobs Act (IIJA), passed by Congress in November 2021, which directed the Treasury and the Internal Revenue Service (IRS) to implement rules for third-party crypto brokers, the Senators reported that the proposed regulations had yet to be published. The letter reveals that there would be an estimated loss of $1.5 billion in tax revenue in 2024 if the rules were not implement ed. You might also like: U.S. lawmakers push for new crypto legislation It cites the research that suggests that “at lea...