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Ramp Up Crypto Reporting Now, Say Tax Pros, Tax Notes

August 27, 2021

Weeks of intense lobbying efforts from the cryptocurrency industry were spurred by a provision included in the Infrastructure Investment and Jobs Act about cryptocurrency reporting requirements. Specifically addressing the current broad “broker” definition, partner Sarah-Jane Morin said that “until the broker definition is fleshed out, figuring out the next steps will likely be more difficult for the smaller players. The larger, centralized exchanges like Coinbase are already doing some type of reporting, so implementing these new obligations may not be as big a deal.”

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