United States of America: Postponement of IRS reporting obligations for crypto brokers regarding crypto transactions under the INVEST in America Act of 2021
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Description
Postponement of IRS reporting obligations for crypto brokers regarding crypto transactions under the INVEST in America Act of 2021
On 23 December 2022, the US Treasury Department and the Internal Revenue Service announced that brokers will not be required to file reports regarding digital assets until final regulations are issued under sections 6045 and 6045A of the Infrastructure Investment and Jobs Act (Infrastructure Act). Under the Act, “crypto brokers” are required to report digital assets transactions worth over USD 10'000.
Original sourceScope
Policy Area
Taxation
Policy Instrument
Direct taxes including Digital Service Taxes
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
national
Government Branch
executive
Government Body
central government
Complete timeline of this policy change
Hide details
2021-08-01
under deliberation
2021-08-10
adopted
2021-08-10
under deliberation
2021-11-05
adopted
2021-11-15
in grace period
2022-12-23
adopted