Pronto Tax School

New Rules for Cryptocurrency inside The Infrastructure Bill

We are all still waiting on whether or not Congress is about to pass another huge new law, this one is around 3,000 pages, known as “The Infrastructure Bill.”  

The biggest change I’m seeing in this new bill, in terms of the effect on us as tax professionals, would be the new rules for “information reporting” related to cryptocurrency and other “digital assets” (NFTs, etc.)

“Information reporting” meaning that Congress would require the cryptocurrency exchanges and other facilitators of cryptocurrency transactions to start sending the IRS something similar to stock brokers sending 1099-B Forms.

This rule will create a MOUNTAIN of new tax paperwork for crypto-involved clients and, as such, will greatly increase demand for crypto tax expertise.

Here is an article that goes into more details about the latest information on this topic, https://www.cato.org/blog/infrastructure-bill-hangs-balance-so-does-crypto

If you have a minute, let me know if cryptocurrency taxes is something you’d like us to focus on more as these new rules start to roll out?

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New Rules for Cryptocurrency inside The Infrastructure Bill