Crypto Exchanges Enlisted by IRS as Ally in Tax Fight

Cryptocurrencies had a big year in 2021, with the asset class drawing in over $2.2 trillion of value. However, these gains have drawn scrutiny from tax authorities. The U.S. in particular has made efforts in recent months to develop rules that would require cryptocurrency exchanges to track the activity of traders to assess their tax compliance. On today’s episode of our weekly podcast, Talking Tax, we hear from Sulolit "Raj" Mukherjee, head of tax for Binance U.S., the largest cryptocurrency exchange in the world. He talks to Bloomberg Tax's Hamza Ali about what the new rules mean for exchanges and the traders that use them. He also discusses the global effort by the OECD to harmonize reporting requirements for crypto exchanges worldwide. Have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.