Crypto Tax Cheats Likely to Get Relief as US Crackdown Hits Snag

The US government's bid to collect billions of dollars in taxes is hitting a snag, with the Biden administration poised to delay when crypto brokers and exchanges must start gathering detailed information on their clients' trading. From a report: The Treasury Department and the Internal Revenue Service are likely to push off a January date for the firms to begin tracking data such as customers' capital gains and losses, according to people familiar with the matter who asked not to be named because a final decision hasn't been made. The move would mean the tax agency waits longer to get the kind of data it gets for stocks or bonds. Crypto tax evasion remains a major issue for Washington policy makers even amid the recent downturn. Treasury and the IRS have struggled to quickly draft rules, which firms will use in collecting and reporting the information on their clients' trades.

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