According to estimates, crypto brokers are allegedly dodging at least half of their tax duties, leaving the United States with a worrying tax shortfall. Sen. Elizabeth Warren (D-Massachusetts) is leading a group of left-leaning senators who are urging federal officials to take immediate action in response to this problem.
Their main objective is to impose stronger restrictions in order to close the crypto tax gap, which experts estimate to be at least $50 billion.
The 2021 Infrastructure Investment and Jobs Act, which required additional reporting requirements for digital currency trading, has made it urgent to address this issue.
Despite a deadline set by Congress for the end of the current year, the Treasury Department and Internal Revenue Service (IRS) have yet to enact the rules required to enforce these obligations.
Going After Crypto Tax Evaders
Legislators are concerned about this delay because it will give the big…
