IRS extends period for comments on tax framework
The Internal Revenue Service (IRS) has announced the extension of the period for comments on crypto tax reporting requirements until January 25, 2024. The proposed rule, published on Oct. 19, aims to implement the provisions of the American Families Plan Act of 2023, signed into law by President Joe Biden in August. The rule would require crypto exchanges and other intermediaries to report information on transactions involving digital assets worth more than $10,000 to the IRS and the taxpayers. The rule would also require crypto businesses to verify the identity of their customers and maintain records of their transactions. The rule is intended to enhance tax compliance and transparency in the crypto sector and prevent money laundering and other illicit activities. You might also like: Coinbase’s tax chief urges IRS to reevaluate crypto tax regulations However, the rule has also sparked criticism and concerns from the crypto industry and advocates, who argue that it is o...