Soon to be chair of the House Financial Services Committee, PatrickMcHenry has asked SecYellen for a delay in implementation in some crypto tax provisions included in last year's Infrastructure Investment and Jobs Act. nikhileshde reports
, and could force entities such as miners and crypto wallet manufacturers to abide by tax reporting rules they physically would not be able to meet.
"A number of questions and concerns remain unanswered regarding the scope of Section 80603," wrote McHenry."These questions and concerns must be addressed to ensure taxpayers have clear direction on the forthcoming requirements and the date required for compliance," he continued in the letter dated Dec. 14."Section 80603 is poorly drafted. As such it could be wrongly interpreted as expanding the definition of a ‘broker’ beyond custodial digital asset intermediaries.
"The 6050i reporting requirements jeopardize the privacy of Americans, without a comprehensive analysis of the impact of such change," McHenry's letter said.
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