Chamber of Digital Commerce Framework for Digital Asset Tax Policy
The Chamber & Crypto Taxes – What You Should Know
This week, the Chamber published a policy position that identifies key areas where the agency must issue more guidance for taxpayers this year –– lending, information reporting, foreign bank account reporting, characterization of digital assets, and proof of stake protocols. It also sent a letter to the IRS on the application of the Foreign Account Tax Compliance Act (FATCA) to digital assets.
Here are 5 Facts about the Tax Framework from our Chief Policy Officer, Amy Davine Kim & the Chamber’s Tax Task Force Leadership
Chamber to IRS: Tax Payers Need Guidance on Crypto Tax Rules
By Divij Pandya, Associate Director of Policy & Chitra Ragavan, VP of Public Affairs
Over the past five years, the Internal Revenue Service (IRS) has significantly increased enforcement actions against taxpayers who transact in digital assets. But, while ratcheting up its enforcement, the IRS has not provided meaningful guidance on how to comply with tax rules since 2014…
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