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

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