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Senate Rejects Change To New Crypto Tax Rules In $1.2 Trillion Infrastructure Bill Despite Lawmaker, Billionaire Pushback

Sumary of Senate Rejects Change To New Crypto Tax Rules In $1.2 Trillion Infrastructure Bill Despite Lawmaker, Billionaire Pushback:

  • ASSOCIATED PRESS Key Facts The Senate on Monday rejected a last-minute amendment to specify that new regulation forcing businesses to report cryptocurrency transactions in excess of $10,000 to the IRS should only affect traditional brokers, or “businesses who conduct transactions on exchanges where consumers buy, sell and trade digit assets.
  • ) struck down Shelby’s proposal, citing climate change concerns fueled by the defense industry.
  • “This should have been required a long time ago,” Eric Pierre, a Texas-based certified public accountant and owner of Pierre Accounting, told CNBC Tuesday, adding that targeted requirements could ease the complicated—and at times unclear—reporting process for cryptocurrency transactions.

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