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Just as the IRS received a suggestion to bring forward its proposed tax reporting guideline, Coinbase’s Vice President of Tax has called on the agency to revise the proposed rules, citing concerns over user privacy and an uneven playing field with traditional finance.
On Thursday, a letter was unveiled in which Lawrence Zlatkin, Vice President of Tax at crypto exchange Coinbase, called on the US Internal Revenue Service (IRS) to revise its proposed crypto tax reporting guidelines. Zlatkin criticized the proposed rules for imposing an “unprecedented, unchecked and unlimited tracking the daily lives of Americans.”
US Lawmakers Seek to Speed Up Tax Reporting Guidelines
Zlatkin refers to the IRS’s recent tax reporting guidelines, which the Biden Administration unveiled in August. In a 300-page proposal, the US Treasury Department issued a proposed rule under which crypto broken, including exchange and payment processors, would have to register new information on users’ transactions to the IRS within the next two years.
The proposed guidelines clarified the definition of a “broker” in terms of the crypto industry and defined how crypto companies and investors must comply with new tax reporting obligations. The proposal further addresses whether DeFi platforms and miners must collect their users’ personal data.
Despite criticism of the proposed guidelines, a group of seven US senators called on the IRS and Treasury Department to implement the prop
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Author: Jana Serfontein
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