Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
Home»TRADING NEWS»IRS Joins Cryptocurrency Experts for Regulatory Guidance: What You Need to Know
TRADING NEWS

IRS Joins Cryptocurrency Experts for Regulatory Guidance: What You Need to Know

By Crypto FlexsFebruary 28, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
IRS Joins Cryptocurrency Experts for Regulatory Guidance: What You Need to Know
Share
Facebook Twitter LinkedIn Pinterest Email

The Internal Revenue Service (IRS) recently hired two prominent figures in the digital asset industry. Their mission is to lead the agency’s efforts to strengthen cryptocurrency tax compliance and enforcement.

These new hires come as the IRS is increasing its focus on the cryptocurrency sector and changing the rules for how digital assets are taxed.

IRS Joins Cryptocurrency Experts for Tax and Enforcement Guidance

The first of these recruits is Sulolit “Raj” Mukherjee. He was previously Global Head of Tax at blockchain innovator ConsenSys and a key player at Binance.US.

Seth Wilks, previously Vice President of Government Relations and Success at cryptocurrency tax software company TaxBit, was also invited to share his expertise.

Photo: Sulolit Mukherjee (left) and Seth Wilks (right). It was recently hired by the IRS to help guide cryptocurrency tax and enforcement regulations. Source: University of Washington / TaxBit

The appointments of Mukherjee and Wilks highlight the IRS’s commitment to integrating sector-specific expertise to effectively navigate cryptocurrency taxation and regulation.

Read more: The Ultimate US Crypto Tax Guide

“Leveraging the expertise of the private sector to partner with the IRS team is critical to the success of our IRS efforts,” said IRS Commissioner Danny Werfel.

The agency is putting the final touches on the new regulations. This may impact how and at what level of detail cryptocurrency exchanges report customer transactions.

Making Common Sense Rules

Likewise, the U.S. Treasury is adjusting its position on cryptocurrency transaction reporting rules. In a notable change, companies will be temporarily exempted from the obligation to follow strict reporting requirements for cryptocurrency transactions, similar to those for cash transactions.

This temporary measure will last until cryptocurrency regulations are officially introduced.

“The Infrastructure Investment and Jobs Act amended the rules to treat digital assets as cash and require taxpayers engaged in a trade or business to report receipt of more than $10,000 in cash,” the Treasury said.

Read more: How to Reduce Your Crypto Tax Payment: A Comprehensive Guide

This adjustment reflects our broader strategy to provide a balanced framework that fosters the growth of the cryptocurrency industry while ensuring compliance with tax obligations.

Integrating industry veterans into the IRS’ strategic planning process represents a forward-thinking approach to regulation. We plan to develop regulations that accommodate the unique characteristics of digital assets while preventing financial crimes related to cryptocurrency tax evasion.

We hope that this collaboration will create a regulatory environment that supports innovation while protecting the industry and its participants.

disclaimer

In compliance with Trust Project guidelines, BeInCrypto is committed to unbiased and transparent reporting. These news articles aim to provide accurate and timely information. However, before making any decisions based on this content, readers are encouraged to check the facts and consult with experts.
This article was initially edited by advanced AI, designed to extract, analyze and organize information from a wide range of sources. We operate without personal beliefs, emotions, or biases and provide data-driven content. Articles have been meticulously reviewed, edited and approved by human editors to ensure relevance, accuracy and compliance with BeInCrypto’s editorial standards.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Why I am still optimistic despite noise

June 26, 2025

Like the initial Cardano, a way to reach $ 300 for Loy tokens more than $ 450K

June 25, 2025

On the 7th, NFT transaction sales volume of immutable tower

June 24, 2025
Add A Comment

Comments are closed.

Recent Posts

NVIDIA RTX strengthens FITY’s AI -centered innovation in Cooler Design.

June 27, 2025

Join Earn Mining To Mine Easily And Earn $7752 A Day

June 26, 2025

Bitcoin prices return to green -building exercise for more profits

June 26, 2025

Weed® Announces Partnership With Khalifa Kush; Launches Global Commercialization

June 26, 2025

GBM Launches Auction Festival With The Sandbox, Aavegotchi, Unstoppable Domains, And More

June 26, 2025

French “Spiderman” Scales Skyscraper To Launch World’s First Action Token

June 26, 2025

Deribit And SignalPlus Launch “The Summer Chase” Trading Competition 2025 Featuring A $300,000+ USDC Prize Pool

June 26, 2025

Why I am still optimistic despite noise

June 26, 2025

SEI tokens have soared more than 100% in June -the highest catalyst explained.

June 26, 2025

Reddio Mainnet Alpha Is Live – The First GPU-Accelerated Parallel EVM For AI-Native DApps

June 26, 2025

RoboCorp.co Debuts World’s First Search Engine That Converts Human Data And Expertise Into Crypto Income

June 26, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

NVIDIA RTX strengthens FITY’s AI -centered innovation in Cooler Design.

June 27, 2025

Join Earn Mining To Mine Easily And Earn $7752 A Day

June 26, 2025

Bitcoin prices return to green -building exercise for more profits

June 26, 2025
Most Popular

During its Epic Games debut, cryptocurrency title ‘Nyan Heroes’ ranked in the top 30 most played, reaching 200,000 downloads.

April 20, 2024

DEVCON VI: Apply Online, Participation Details Inside

December 22, 2023

Could Bitcoin bulls reach the $55,000 barrier this week?

February 15, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.