Coinbase, the largest cryptocurrency exchange in the USA, called on the Internal Revenue Service (IRS), the government agency operating in the field of revenue administration in the USA, about the upcoming regulations.
Cryptocurrency exchange Coinbase approaches the IRS to explain its concerns about proposed cryptocurrency tax regulations 14 pages sent a letter. Coinbase for cryptocurrency transactions in the letter in question. gross income And basic reporting Recommended regarding tax regulations He stated that he had serious concerns about the situation.
The IRS published last August 300-page proposal He detailed the tax types that will be applied to the cryptocurrency sector.
Concerns Coinbase raised with the IRS included lack of parity with financial services, duplicative and burdensome reporting, invasion of privacy, violation of technology neutrality, unrealistic compliance timeline, and missed opportunity to leverage blockchain to ensure taxpayer compliance.
This overly comprehensive and burdensome approach will limit cryptocurrency tax regulations. won’t make it easier on the contrary will make it harder emphasized. In ways that are not applicable overly broad reporting demands make matters worse will make it difficult The stock exchange included the following statements in the details of its statement:
We have long advocated for a tax system that treats cryptocurrencies the same way it treats assets in traditional finance. The proposed regulations, as written, would impose unprecedented, uncontrolled, and unrestricted surveillance on the daily lives of Americans. It would enable government oversight of the choices Americans make about their most private health care decisions, even when they buy a cup of coffee.
in the USA Elizabeth Warren A group of senators, including a group of senators, recently stated that for cryptocurrency transactions as soon as possible He demanded the introduction of taxation.