BitRss.com latest World Crypto News

Search and discover the latest Cryptocurrency updated Stories in Categories

24-7 World Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources

Coinbase tax head calls on IRS to revise crypto tax rules

Coinbase has voiced strong opposition to the US Treasury Department’s proposed rules on broker reporting of digital asset transactions, citing concerns over user privacy and an uneven playing field with traditional financial services.



In a letter disclosed on Thursday, Lawrence Zlatkin, Coinbase’s Vice President of Tax, criticized the proposed regulations for imposing an “unprecedented, unchecked and unlimited tracking on the daily lives of Americans.” 



In August, the IRS issued a 300-page proposal that revises the definition of a “broker” in accordance with the Infrastructure Investment and Jobs Act, including crypto exchanges, which provides guidelines on tax compliance for both the brokers and their clients.



Policymakers have touted the act as an attempt to bring tax reporting standards for the industry in line with those of other traditional financial sectors. 



The IRS intends to implement those rules in two years, which drew criticism from leading US Senators who urged the agency to push for swifter implementation , on Wednesday.



Regardless of the timeline, Zlatkin said the rules would require “government surveillance of the choices Americans make about their most private health care decisions, or even when they purchase a cup of coffee.”



Coinbase is urging the IRS and the Treasury to revise the proposed regulations, limiting compliance requirements to parties directly involved in digital asset transactions akin to traditional finance. The company is also advocating for sufficient time to develop complex systems for compliance and to explore blockchain solutions for tax reporting.



“The proposed regulations, as written, would impose an incomprehensible and unduly burdensome set of new reporting requirements,” Zlatkin wrote, highlighting concerns that the IRS would be “bombarded with data,” including trivial transactions with “zero or negligible taxable income.”



The letter also emphasized a lack of parity between the crypto sector and traditional finance in tax reporting. It argues that Congress intended the legislative language to cover entities directly involved in asset transactions, akin to traditional financial brokers. 



However, the proposed rules interpret this so broadly that it could include anyone facilitating digital asset transactions, the letter reads.



“The result will be services that are slower, costlier and far less efficient,” Zlatkin said, adding that the unrealistic timelines for compliance contrast sharply with the five-year period given to financial institutions in 2008.



The regulations exceed mere tax reporting on financial gains, implying that tax codes are being used to pick winners and losers in tech — a misuse of tax legislation, he added.



Coinbase’s letter is the first of two it plans to submit, with the next expected to offer more detailed technical comments, Zlatkin said.







Don’t miss the next big story – join our  free daily newsletter .



Follow Sam Bankman-Fried’s trial with the latest news from the courtroom . 

BitRss.com shares this Contents always with License.

Thank you for Share!

   
Tumblr
LinkedIn
Reddit
VK

WhatsApp
Telegram

Cool to know huh? Read the full Article

Read the full Article:  ⭲ Coinbase tax head calls on IRS to revise crypto tax rules


Search about Crypto News


BITRSS | CRYPTOCURRENCY WORLD NEWS

The latest Top News, only from Leading exponents of BlockChain, Bitcoin and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News; for this reason we have designed BitRss.com simple and intuitive, usable by all Devices, fast and effective.


| LEARN MORE ABOUT |

Today Most Popular News



Dokky PRO - Bookcase Shop Script