Brokers or crypto exchanges are required to file Form 1099-B as per the recently adopted infrastructure law. The law stipulates that the recipient of US$10,000 in crypto payment must collect, verify, and report the sender information within 15 days or face criminal liability or fine. According to IRS, the new rules would make the crypto marketplace more transparent, mitigate tax evasion issues and help collect revenue worth around US$28 billion.
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