RATE Group | Blockchain Group Asks IRS to Exempt Small Crypto Payments + More News
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Blockchain Group Asks IRS to Exempt Small Crypto Payments + More News

05 Feb Blockchain Group Asks IRS to Exempt Small Crypto Payments + More News

Posted at 16:45h in Cryptocurrency News by

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Blockchain Group Asks IRS to Exempt Small Crypto Payments + More News 101
Source: iStock/NoDerog

Crypto Briefs is your daily, bite-sized digest of cryptocurrency and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

Tax news

  • A blockchain trade group, the Wall Street Blockchain Alliance, asked the U.S. Internal Revenue Service (IRS) to exempt small crypto payments, that is, to provide a de minis exemption for cryptocurrency transactions below a certain value, claiming that the IRS’ decision to tax virtual currencies as properties doesn’t benefit users and merchants. Doing this, they say in the response letter, would reduce the burden on smaller taxpayers and allow practitioners to instead focus efforts on larger clients requiring more comprehensive advice. The letter, containing the alliances’ comments regarding IRS 2019 ruling about virtual currencies also says that, while many issues were looked into by IRS, more clarification is still necessary.

Adoption news

  • On February 5, at height 616064, as of…

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