Democratic senators tell IRS to speed up crypto tax reporting rules

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• Democratic senators tell IRS to speed up crypto tax reporting rules

• “Limiting any further delay in the implementation of the Administration’s proposed rule would combat industry efforts to evade regulation, provide clarity to law-abiding taxpayers, and generate billions in tax revenue from a chronically tax-avoidant industry,” top Democratic senators said in a letter this week.

• Sen. Elizabeth Warren, D-Mass, along with a handful of other senators urged the Internal Revenue Service and Treasury Department to implement tax reporting requirements for crypto brokers “as rapidly as possible.”  Warren and others said they were concerned that a final rule would not become effectiv

• “Limiting any further delay in the implementation of the Administration’s proposed rule would combat industry efforts to evade regulation, provide clarity to law-abiding taxpayers, and generate billions in tax revenue from a chronically tax-avoidant industry,” the senators said in a letter dated Oct. 10 to IRS Commissioner Daniel Werfel and Treasury Secretary Janet Yellen.