3rd-Party Crypto Reporting Regs In Pipeline, Gov't Attys Say

Law360 (July 16, 2020, 7:21 PM EDT) -- Guidance now in progress will address third-party tax reporting requirements for cryptocurrency transactions, but the timeline for the release of these regulations is unclear, attorneys from the U.S. Department of the Treasury and Internal Revenue Service said Thursday.

The IRS had placed information reporting for cryptocurrency, like bitcoin, on a list of its regulatory priorities for the period from last July through June 2020. But a Treasury attorney said in a webinar, "That timeline has come to move as events have overtaken us." (AP) The government is developing regulations on third-party reporting for cryptocurrency transactions under Section 6045 of the Internal Revenue Code, said...

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