Left-wing politicians have pushed the IRS and the Treasury to publish and severely enforce tax reporting guidelines for bitcoin brokers.
Democratic Senators Elizabeth Warren (D-Mass. ), Bob Casey (D-Pa.), and Richard Blumenthal (D-Conn.) have signed a letter reminding the chiefs of the two agencies that time is running out to develop proposed rules.
The lawmakers were alluding to guidelines included in the Senate’s $1.2 trillion infrastructure bill, which was enacted in August 2021, that expanded current tax reporting obligations for corporations serving as “brokers” for cryptocurrencies, including exchanges.
Despite the fact that the measure was signed into law and the White House finished reviewing the guidelines in May, the Treasury and IRS have failed to issue them.