In May 2023, President Biden posted a tweet taking aim at tax policies that benefit ‘wealthy crypto investors’. Cryptocurrency is no longer a niche ecosystem under the radar of legislators and tax authorities. Cryptocurrency transactions often reside in a ‘gray area’ of the tax code. Because the IRS has not released complete guidance on NFT and DeFi transactions, many investors have for years taken aggressive approaches to tax reporting to minimize their tax liability. Recently, the IRS has taken steps towards providing more clear guidelines for these transactions. In addition, the federal government is looking to close ‘loopholes’.
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