The U.S. Treasury Department reiterated in a letter to a group of senators that the IRS will not accept crypto miners, stakers, or coders as brokers.
The Department sent a letter to a group of senators on Friday. In the letter, he said that crypto miners and stakers will not be subject to tax reporting obligations that would apply to exchanges.
As it is known, the much-discussed infrastructure bill expanded the definition of broker to include miners and stakers who do not do business directly with customers among the groups expected to report taxes. The letter addresses concerns that it will impose excessive tax burdens on people in these groups.
The bill requires brokers to collect detailed information about clients and their transactions. However, according to the Treasury’s letter, that expanded definition suggests it will be limited to parties that already collect this information (such as crypto-asset trading platforms).
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