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House of Representatives Passes Infrastructure Bill With Crypto Reporting Requirements

House of Representatives Passes Infrastructure Bill With Crypto Reporting Requirements

On November 5, 2021, the House of Representatives passed a $1.2 trillion infrastructure bill, which means that the legislation is headed to President Joe Biden for signing into law. The Infrastructure and Jobs Act includes information reporting requirements for brokers and digital assets. This impacts the broker reporting rules in Internal Revenue Code (IRC) sections 6045, 6045A, and 6050I and their corresponding regulations. For a list of changes, please see our prior post.

So, what is next? Once President Biden signs the Infrastructure Bill into law, the IRS and Treasury will have to develop regulations and other guidance for taxpayers required to submit the impacted reports. The IRS will have to provide additional guidance for new filing requirements on Form 1099-B and 8300.

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House of Representatives Passes Infrastructure Bill With Crypto Reporting Requirements

This document contains general information only and is not a substitute for accounting, tax, or any other professional advice or services. The information provided is considered accurate at the time of publishing and will not be updated with new regulation requirements.

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