The Wall Street Blockchain Alliance is the latest to ask the U.S. Internal Revenue Service (IRS) to consider a ‘de minimis’ exemption for crypto tax payments below a specific value.
IRS Should Reduce Crypto Tax Burden
According to Law360, the Wall Street Blockchain Alliance has written a letter to the IRS calling for tax exemptions for crypto transactions below a certain threshold. As part of the letter, chairman of the group, Ron Quaranta advised the IRS to focus on large bag holders instead of forcing virtual currency owners to examine all their cryptocurrency microtransactions.
Back in 2018, the American Institute of Certified Public Accountants (AICPA) also called for a de minimis crypto tax exemption. At the time, the AICPA suggested an upper threshold limit of $200. A couple of crypto and blockchain-related bills before…
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