Coinbase thinks proposed tax regulations will impose 'unprecedented, unchecked, and unlimited tracking on the daily lives of Americans.'
Coinbase used a 14-page letter to the Internal Revenue Service on Thursday to detail what it said are serious concerns about the "nature and scope" of proposed tax regulations related to gross proceeds and basis reporting for digital asset transactions.
Coinbase, which was writing about rules proposed by the IRS in August, said the requirements would establish an "incomprehensible and unduly burdensome set of new reporting requirements." It also argued that they're "overly broad in ways that are not warranted or implementable.
A group of Democratic senators, meanwhile, is pushing the IRS to advance tax reporting requirements for crypto brokers "as rapidly as possible."
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Americans owe $688 billion in unpaid taxes, IRS saysThe IRS is ramping up audits and enforcement against rich households and corporations after a funding boost.
Read more »
Tax gap grows: Americans cheated IRS out of $625 billion in 2021The gap between what Americans owe the government and what they actually pay is large and growing, the IRS said Thursday, estimating the 'tax gap' for 2021 at more than $600 billion.
Read more »
IRS tells Microsoft it owes $29 billion in back taxesMicrosoft is in a dispute with the IRS over back taxes the agency says it owes for years 2004 through 2013.
Read more »
SEC Gains Major Support in Coinbase Legal BrawlSEC's amicus curiae dismantles Coinbase's securities argument in new filing
Read more »
State securities regulators argue against crypto special treatment in Coinbase briefA court should not treat digital assets “as somehow special,” securities regulators argued in a case between the SEC and Coinbase.
Read more »
Securities regulators oppose special treatment of crypto in Coinbase caseThe North American Securities Administrators Association has filed an amicus brief supporting the SEC in its case against crypto exchange Coinbase.
Read more »