infrastructure

Biden says he warned Putin about ransomware attacks on US companies

Biden signs infrastructure bill, handing crypto broker definitions to the US Treasury

President Joe Biden signed the Infrastructure Investment and Jobs Act into law on Monday, with controversial crypto tax definitions now in the Treasury Department’s hands. Biden appeared alongside Congressional leadership on the White House lawn in an event advertised as a bipartisan show of support for the new legislation and “the historic benefits the Bipartisan …

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House Sends Infrastructure Bill With Crypto Tax Provision to US President

House Sends Infrastructure Bill With Crypto Tax Provision to US President

Another provision included in the bill to amend Tax code section 6050I has also stoked fear in the crypto industry. The law, written nearly 40 years ago to apply to in-person cash transactions over $10,000, essentially requires recipients to verify the sender’s personal information and record their Social Security number, the nature of the transaction …

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Treasury preps guidance on infrastructure bill's crypto tax reporting rules: report

Treasury preps guidance on infrastructure bill’s crypto tax reporting rules: report

advertisement The U.S. Treasury is preparing guidance on the crypto tax reporting provisions in the infrastructure bill, which recently passed the Senate and is heading for the House, according to a Bloomberg report published Friday.  The provisions provoked a mass outcry from the cryptocurrency industry, which saw the definition of “broker” as excessively broad. Per …

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A proposed compromise on the infrastructure bill's crypto language dies

A proposed compromise on the infrastructure bill’s crypto language dies

advertisement A late-game attempt to make changes to controversial cryptocurrency tax reporting requirements included in the Senate’s infrastructure bill died on Monday evening. Senator Pat Toomey presented an amendment to exempt certain network operators from Internal Revenue Service reporting requirements before the Senate, as it was working to pass the infrastructure package. Due to the …

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Crypto language in infrastructure bill 'fails to understand how the technology works'

Crypto language in infrastructure bill ‘fails to understand how the technology works’

A senior Democratic Senator took to Twitter on Sunday to criticize draft language related to crypto tax reporting requirements in a still-in-the-making infrastructure package. The bill has yet to be introduced, though negotiators involved with the ongoing process told CNN that they expect the legislation to be made formally public later Sunday. The bill, according …

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