Last Updated on October 13, 2023 by Bitfinsider
On Thursday, Coinbase sent a 14-page letter to the Internal Revenue Service outlining its major concerns about the “nature and scope” of proposed tax laws regarding gross receipts and basis reporting for digital asset transactions.
“We have long advocated for a tax system that treats digital assets in the same way that it treats assets in traditional finance,” the crypto exchange informed the IRS. “As written, the proposed regulations would impose unprecedented, unchecked, and unlimited tracking on the daily lives of Americans.” They would allow the government to monitor Americans’ most private health-care decisions, as well as when they buy a cup of coffee.”
Coinbase stated in an article on IRS proposed rules in August that the measures would create a “incomprehensible and unduly burdensome set of new reporting requirements.” It also claimed they are “overly broad in ways that are not warranted or implementable.”
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