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Ohio senator wants clarity for crypto tax reporting in proposed bill

April 20, 2021. Summarized by summa-bot.

Compression ratio: 63.5%. 1 min read.

In response to the reported $1 trillion tax gap in the United States, a Republican senator from Ohio is proposing legislation that would better define crypto for tax purposes.

Senator Rob Portman said lawmakers were "still pulling in information" on crypto to formulate the bill, implying he announced it to the public prematurely.

988 Total views 10 Total shares A Republican lawmaker from Ohio is preparing legislation that would reportedly be aimed at preventing U. S. citizens from evading taxes on their crypto earnings. In an interview with CNBC’s Squawk Box today, Senator Rob Portman said he hoped to introduce a bill with bipartisan support after the next congressional recess which would address the problem of many crypto users in the U. S. not paying taxes.

However, he claimed both Republicans and Democrats were interested in pursuing closing the tax gap with respect to crypto.

"The idea is to have better information reporting on cryptocurrency, and to define it better for tax purposes," said Portmand.

Some of that tax gap is attributable to the cryptocurrency issue. ”According to data from the Internal Revenue Service, or IRS, in October, 83. 6% of taxes were paid "voluntarily and on time" from 2011 to 2013.

The commissioner said providing appropriate reporting rules for crypto would "absolutely" help in closing the tax gap.

He added that certain aspects of the crypto world were “not visible by design,” including nonfungible tokens. Other U. S. lawmakers have attempted to set standards for reporting crypto on taxes since the technology became a more prominent part of portfolios.

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