Biden Budget Includes New IRS Report Requirements Concerning Crypto Assets

President Biden released his administration’s proposed budget for fiscal year 2022. While spending focuses on infrastructure, clean energy, etc., it includes two proposals that would give the Treasury Department additional requirements around what type of financial institutions must report to the Internal Revenue Service (IRS) or other Treasury sub-departments.

The proposal suggests tax administration improvements, citing it would expand broker information reporting with respect to crypto assets.

“The proposal would require brokers, including entities such as US crypto asset exchanges and hosted wallet providers, to report information relating to certain passive entities and their substantial foreign owners when reporting with respect to crypto assets held by those entities in an account with the broker.”

The proposal would take effect for returns filed after Dec. 31, 2022, according to the document.

Source: Coindesk

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