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New IRS reporting rules send chills throughout crypto world by Ramon Tomey
(Natural News) New tax reporting rules included in President Joe Biden’s $1.2 trillion infrastructure bill became a cause for alarm in the cryptocurrency and non-fungible token (NFT) sectors. Individuals and groups in those sectors think the new provisions could impact transactions.
The amendment to section 6050I of the Internal Revenue Code of 1986 was quietly inserted in the infrastructure bill as it was passed by the Senate. “This provision, which would apply to all Americans who receive any kind of digital asset, has thus far escaped public or congressional scrutiny,” a September 2021 report by Abraham Sutherland pointed out.
The proposed amendment seeks to make receiving digital assets – including crypto and NFTs – a felony if they are not disclosed correctly. “Any person who receives over $10,000 in digital assets must verify the sender’s personal information, including [their] Social Security number, and sign and submit a report to the [federal] government within 15 days,” Sutherland’s report said. Americans who fail to do so will be subject to fines and jail time of up to five years.