The United States Senate's bipartisan infrastructure bill,
negotiated in principle with President Biden, provides for revenue
offsets as projected by the Joint Committee on Taxation to the tune
of $28 billion in cryptocurrency tax enforcement collections. To
help finance legislative initiatives, lawmakers are looking at
enhancing IRS information reporting requirements with respect to
digital assets, including cryptocurrency.
The summary of the provision includes revising the definition of
“broker” to include trading platforms pertaining to the
trading of digital assets as well as making clear that
broker-to-broker reporting within the meaning of Section 6045(g)(3)
of the Code applies to digital assets. Lastly, the bill would
provide that businesses should report cash payments in excess of
$10,000 with respect to receipt of digital assets. While the text
of the legislation is not currently available, and a vote in the
U.S. Senate has not taken place, the above salient
