In a letter to the U.S. Dept. of Treasury and the IRS, a group of U.S. senators (three Democrats and one Independent) is requesting rules to close tax loopholes currently being exploited by cryptocurrency tax evaders. Indeed, the Infrastructure Investment and Jobs Act, enacted in late 2021, directed the Treasury and the IRS to implement new rules requiring third-party crypto brokers to report relevant information on sales, gains and losses to the IRS. Congress directed Treasury to implement these new rules in time for the 2024 tax filing season. Studies show that there’s currently nearly a $50 billion crypto tax gap. To read the full letter: https://bit.ly/45Be3Bx
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