Infrastructure Bill Seeks To Obligate People To Report Bitcoin Payments Of Ov...
The tax change would extend the IRS cash payments reporting requirements to bitcoin and cryptocurrencies.According to Publication 1544 of the U.S. Internal Revenue Service (IRS), any person who receives more than $10,000 in cash in 12 months due to a trade or business must report it to the IRS and the Financial Crimes Enforcement Network (FinCEN) on Form 8300. However, the new Infrastructure Bill aims to extend that requirement to Bitcoin and other cryptocurrencies at large. If enacted, this legislation will require any U.S. person receiving over $10,000 in cryptocurrency to report the....
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A new bill proposed in New Hampshire could obligate the state treasury to draw up plans to accept Bitcoin as payment for taxes. Proposed by independent Republican representative for New Hampshire, Eric Schleien, bill HR552 would obligate the state's treasurer to “develop an implementation plan for the state to accept bitcoin as payment for taxes and fees beginning July 1, 2017.” With a total of eight sponsors including both Republicans and Democrats, the bill was first introduced to the House on January 1. It now sits with the Ways and Means committee, a standing body tasked with reporting....
The cryptocurrency bill that was listed to be taken up in the current session of parliament is reportedly being reworked. The government seeks wider consultation on crypto before finalizing the rules to govern digital currencies in India.
Indian Government Seeks More Consultation on Proposed Crypto Legislation
India’s cryptocurrency bill is unlikely to be introduced in the current session of parliament. The bill is not on the list of business to be taken up in the last week of the winter session of parliament, Bloomberg reported Monday, noting that the government can....
Congress has passed the Biden administration’s bill aimed at improving infrastructure, fighting climate change, and bolstering social services. The $1.2 trillion infrastructure bill, which also expands the definition of a broker, awaits U.S. president Joe Biden’s signature after passing with a vote of 228–206 on Friday. Bipartisan Infrastructure Bill Passes to the Tune of $1.2 Trillion The bipartisan infrastructure bill has been a hot topic in recent times and on Friday the bill passed in Congress and now awaits president Biden’s approval. The passing followed....
The Keep Innovation in America Act seeks to repeal the reporting requirements of the infrastructure bill and clarify the meaning of “broker.”
Serving U.S Representative for Colorado’s 3rd congressional district, Lauren Boebert questioned why a crypto provision was included in the infrastructure bill, especially since it has no relevance to infrastructure. She added that hiding unrelated laws into bills as a strategy for passing unpopular legislation is why people “hate DC politicians.” Even before covid mandates and […]