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Tax Cheats May Get a Reprieve if the IRS Crypto Crackdown Is Postponed, According to Bloomberg

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The Biden administration’s potential decision to postpone the requirement that cryptocurrency brokers and exchanges begin collecting extensive data on their customers’ trading is a major roadblock in the US government’s effort to collect billions of dollars in taxes.

According to people familiar with the situation who declined to be identified because no final decision has been made, the Treasury Department and the Internal Revenue Service are likely to push back a January deadline for the firms to begin tracking data such as customers’ capital gains and losses.

As a result of the change, the tax office would have to wait longer to obtain the same data as it does for stocks or bonds.

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Live market coverage will be co-anchored by Hong Kong and New York. The daytime in Asia is the nighttime on Wall Street.

Bloomberg and the markets are always available. Track your assets 24 hours a day, 365 days a year. Bloomberg reporters are uncovering the largest financial crimes of the modern era.

In this documentary-style programme, investigative reporters are followed as they unearth the truth.

Payment Giant’s SWIFT alternative London Electric Mulls signing with Toshiba will be available to 32 million Indian ex-pats.

According to IFS, Britain’s new chancellor Zahawi inherits an economy in peril. Big Tech Is Required to Address Online Child Abuse and Mental Health Epidemic Under UK Amendment Bid driving up disability claims in the UK.

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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.

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