Miners In The US Will Be Exempt From Tax Reporting

Software developers and stakers will also be exempted from the need to submit tax reports.
The US Treasury Department responded to a letter from Senators announcing plans to exempt cryptocurrency miners, stakers and software developers from reporting to the Internal Revenue Service (IRS). Ohio Republican Senator Rob Portman announced this on Twitter . 
The document says that ancillary parties that cannot access information useful to the IRS are not subject to reporting requirements for brokers.








Appreciate the Treasury Department affirming that crypto miners, stakers and those who sell hardware and software for wallets are not subject to tax reporting obligations. 
As I have said from the start, this requirement only applies to brokers. pic.twitter.com/k5l6kDs4iA






— Rob Portman (@senrobportman) February 12, 2022






 





“Thanks to the Treasury Department for confirming that miners, stakers, and those who sell hardware and software for wallets are not subject to tax reporting,” Portman wrote.
In November 2021, US President Joe Biden signed into law a bill to finance infrastructure projects worth about $1.2 trillion. The document also introduces rules for cryptocurrency brokers and operators to report any transactions in crypto assets worth more than $10,000 to the tax service.
The law met with criticism from many senators. For example, Senator Pat Toomey called the law “too expensive and too dangerous for an innovative cryptocurrency economy.” According to Toomey, the requirement to notify the IRS of cryptocurrency transactions in excess of $10,000 is unfeasible.

The infrastructure package we voted on today is too expensive, too expansive, and too unpaid for. I could not support it. My full statement: pic.twitter.com/IQPguSdkry
— Senator Pat Toomey (@SenToomey) August 10, 2021