Two U.S. legislators, belonging to the Democratic Party, have expressed their concerns about tax compliance surrounding the crypto industry in letter to the Treasury and the IRS.
The pair hoped that the bodies would bring the industry within the ambit of complete tax compliance.to the Treasury and the Internal Revenue Service , expressing their concerns about tax compliance practices within the crypto industry.
The legislators cited a September 2020 audit report. In it, the Treasury Inspector General for Tax Administration highlighted that the IRS could not identify taxpayers engaging in crypto transactions due to a lack of reporting by third parties.
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