Cryptocurrency, the Infrastructure Bill and Your Taxes

What does cryptocurrency have to do with Infrastructure and your taxes? Try $28 billion expected tax revenue from cryptocurrency taxpayers over a ten year span

Cryptocurrency brokers will be required the same level of reporting to the IRS as sock brokers

The first and most important factor in this entire episode of new tax laws for the cryptocurrency industry says unregulated digital currency is being accepted as a way to increase tax revenue.

Does this mean crypto currency is safe?

That depends on how you look at it. The IRS defines cryptocurrency as “property” meaning it is like owing gold, silver, or stocks. Highly volatile, another way of saying the investment is unstable. Thus, you will need to decide if the investment of un-regulated currency is safe for you.

One thing is for sure, the digital currency industry has reached the same status in tax reporting as stock brokers. Cryptocurrency brokers will be required to report information on their clients the same way sock brokers are required.

Who knew bridges and roads would also tap cryptocurrency

This means the IRS will receive a tax form from cryptocurrency brokers with the total amount of your transaction over a certain amount. This form will require your tax ID, and your…