Proposed crypto tax rules draw ire from industry groups ...Middle East

New rules proposed by the Biden administration on Friday would require cryptocurrency brokers to report information on digital asset sales and exchanges to the Internal Revenue Service (IRS) and taxpayers. The proposal comes as Congress and regulatory agencies try to crack down on crypto tax evasion and simplify filing for taxpayers. "This is part of a broader effort at Treasury to close the tax gap, address the tax evasion risks posed by digital assets, and help ensure that everyone plays by the same set of rules," the Treasury Department said in a statement. A provision in the 2021 Infrastructure Investment and Jobs Act required additional tax reporting requirements for digita

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