The Internal Revenue Service (IRS) of the United States has enlisted the services of two new experts in the field of crypto taxation from the private sector. These experts, Sulolit Mukherjee and Seth Wilks, have been appointed as executive advisers to the department. The IRS believes that their expertise will help in building a digital assets infrastructure that is beneficial for everyone involved. The funding for this project will come from the Inflation Reduction Act (IRA), a federal law that aims to control inflation. It is worth noting that taxpayers in the US are not obligated to report cryptocurrencies held in wallets, transferred between their own wallets, or purchased using fiat currency. The IRS had initially planned to enforce a law requiring businesses to report all cryptocurrency transactions above $10,000, but it has now backtracked on this decision. The department intends to implement the rule once a regulatory framework is in place. The US House Financial Services Committee has also raised concerns about the poorly constructed requirements for reporting digital assets that were passed on January 1st.
IRS recruits two private-sector cryptocurrency experts to prepare for tax season.