Two Congressmen in the United States recently blamed crypto companies as the country’s key source of tax evasion. In a letter to the Heads of the Treasury and the Internal Revenue Service, the congressmen push for tax laws specifically for the digital asset sector.
Taxpayers are expected to report digital transactions from the start of 2023 under the Infrastructural Investment and Jobs Act. But the lawmakers stated that such regulations are not yet promulgated.
Lawmakers Believe Crypto Firms Are Responsible For Tax Gap
The Congressmen, Brad Sherman, and Stephen Lynch, wrote to Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel regarding tax compliance in the digital asset industry. They faulted crypto firms as the main source of the tax gap in the United States.
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The letter cited an audit reported in September 2020 where the Treasury Inspector General for Tax Administration (TIGTA) indi
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