Blockchain Group Asks IRS To Exempt Small Crypto Payments

By Joshua Rosenberg (February 4, 2020, 4:44 PM EST) -- Claiming that the Internal Revenue Service's decision to tax virtual currencies as property fails to benefit users and merchants, a blockchain trade group asked the agency on Tuesday to provide a de minimis exemption for cryptocurrency transactions.

The IRS is in a position to provide a de minimis exception for reporting requirements on cryptocurrency transactions below a certain value, the Wall Street Blockchain Alliance said in a letter to the agency.

Providing an exemption "would reduce the burden on smaller taxpayers and allow practitioners to instead focus efforts on larger clients requiring more comprehensive advice," the group's chairman and chief executive,...

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