With the growing popularity among the public cryptocurrencies are blooming. More and more common men are getting the hang of this new currency and want to indulge in this investment market.
Crypto has been the talk topic this week, this super bowl week has given good exposure to the crypto in the industry. But that’s not all, there is another good news for crypto investors in the taxation department. News has broken out about the IRS (Internal Revenue Service) giving a break to the crypto miners.
If you are into cryptocurrencies you must know how expensive and energy-consuming the crypto mining process is. Getting the hardware alone is a big task because of the chip shortage in the market. Retail prices are going high up and scalpers are trying to stop the new would-be miners from getting the hardware by offering unreasonable prices.
However, the United States government is trying to create new policies regarding the repost and standards the investors must follow. Last week, The U.S. Department of the Treasury announced that the crypto mining companies might get exemption from the tax reporting obligations. It was also mentioned that stakers, miners, or any other market participant will be exempted from sharing their client data transactions.
The letter by the Treasury points out that. Supporting parties who are unable to share information that could be useful to the IRS would not be intended to capture by reporting obligations from the brokers.