Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel have been urged to 'bring the cryptocurrency industry into full tax compliance.'
Members of the United States Congress — Brad Sherman and Stephen Lynch — have penned a letter to the heads of the Treasury and the Internal Revenue Service , demanding the implementation of tax regulations for the crypto industry.
“For years now, that industry has been a major source of tax evasion and a significant part of the nation’s tax gap.” The duo highlighted an audit report from September 2020, wherein the Treasury Inspector General for Tax Administration pointed out the IRS’ inability to identify pro-crypto taxpayers owing to the lack of reporting.Today I, along with
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