Wall Street Blockchain Alliance asks IRS to exempt small crypto payments! Wall Street Blockchain Alliance, a blockchain trade group, is asking the IRS to exempt small crypto payments that fall below a certain value, claiming that the IRS’ decision to tax virtual currencies as properties does not benefit users.
The group says that this would help reduce the burden on smaller taxpayers and would allow actual users of cryptocurrencies to focus efforts on larger clients requiring more comprehensive advice. The letter cited the IRS’ own comments in their 2019 ruling about virtual currencies. They also said that the IRS should look into more issues as classification and clarification in the space is needed.
Have you done your taxes yet? This is the first year that a question of whether or not you participated in the cryptocurrency space is being asked by the federal government for tax purposes. Whether or not you agree or disagree, this is still a major step forward for adoption. We’ve talked before about how some states are already accepting crypto as a payment method for taxes – adoption will happen, sooner or later!
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