UTC-05:00,Tuesday , January 28th 2020

New Congressional Bill Seeks De Minimis Tax Exemption For Smaller Crypto Transactions

12:10 Thursday , January 16th 2020
A renewed effort to create a de minimis tax exemption for day-to-day cryptocurrency purchases has begun in the halls of the U.S. Congress.
The Virtual Currency Tax Fairness Act of 2020, published Thursday by Washington, D.C.-based crypto advocacy group Coin Center, was introduced by Congresswoman Suzan Delbene of Washington and Congressman David Schweikert of Arizona.
The bill addresses an issue that arose from the IRS's determination in 2014 that bitcoin and other cryptocurrencies constitute a form of property – namely, that transactions both big and small trigger a taxable event that leaves payers on the hook for capital gains. Critics of this state of affairs say that it impedes the use of cryptocurrencies as a form of payment due to the tax burden involved.
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