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The Biden administration’s likely decision to delay the need that cryptocurrency brokers and exchanges to begin gathering substantial data on their customers’ trading is a significant barrier to the US government’s ambition to collect billions of dollars in taxes.
The Treasury Department and the Internal Revenue Service are probably going to push back a January timetable for the firms to start tracking data including customers’ capital gains and losses, according to people familiar with the situation who declined to be named because a final decision hasn’t been made.
The modification would make the tax office wait longer to receive the same information as it does for stocks or bonds.
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A major roadblock in the US government’s effort to collect billions of dollars in taxes is the Biden administration’s potential decision to postpone the need that cryptocurrency brokers and exchanges to begin collecting extensive data on their customers’ trading.
According to individuals familiar with the situation who declined to be identified because a final decision hasn’t been reached, the Treasury Department and the Internal Revenue Service are likely to push back a January timetable for the firms to start tracking data including customers’ capital gains and losses.
The change would result in the tax office having to wait longer to obtain the same data as it does for equities or bonds.
