Cryptocurrency traders are going to face more reporting under Biden’s Infrastructure Bill as the government eyes the digital currency. Persons who regularly execute transfers of digital assets such as bitcoin, ether and NFTs will needs to report those transactions to the IRS, as well as reporting any digital asset transaction over $10,000. If this rule looks familiar, it is because it is the same mandate for stock and bond trades. Failure to report will be treated as a felony which puts cryptocurrency traders in fear of violating rules that they may not be aware of.
My Personal Tax CPA LLC is the principal CPA firm in cryptocurrency tax and international tax accounting services for both individuals and businesses.