Eversheds Sutherland Tax Reform Law Blog
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Last ditch effort to narrow reporting requirements on crypto denied; alternative avenues still remain for industry to reduce scope of new rules

The Senate approved the Infrastructure Investment and Jobs Act (H.R. 3684) (the Act), advancing the new legislation to the House for consideration. In an effort to raise revenue for part of the overall $1 trillion in infrastructure spending, the Act contains language that would amend federal law on digital asset information reporting by expanding reporting requirements for brokers,...

New proposed legislation adds information reporting requirements for digital assets

The proposed Infrastructure Investment and Jobs Act would explicitly impose information reporting on cryptocurrency transfers in the same way information reporting is required on transfers of stock or securities. Therefore, both sales price and “basis” – typically original acquisition price – would be reported to the IRS, which would inform the IRS of a taxpayer’s sale of...