The IRS Should Offer a Free Tax Reporting Tool to DeFi Users coindesk.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from coindesk.com Daily Mail and Mail on Sunday newspapers.
The IRS is expecting so many information returns related to cryptocurrency — 8 billion, to be somewhat precise — that agency officials fully expect you to do a double take when you hear the actual number.
Congressmen Brad Sherman and Stephen Lynch called the industry "a major source of tax evasion" in a letter asking for the prompt release of proposed regulations on reporting requirements.
People in the crypto world and some lawmakers have long complained that the IRS has provided very little clarity over tax rules for the industry and virtual currency holders.