The Washington DC-based blockchain advocacy group argued the IRS’ broker rule provisions violate the Paperwork Reduction Act.
The Blockchain Association is once again objecting to the Internal Revenue Service’s (IRS) proposed broker-dealer rules; this time focusing on the undue burden the rules would impose on investors, cryptocurrency companies, and the Internal Revenue Service itself.
In the letter, the industry advocacy group cited the Paperwork Reduction Act, which states that government regulators must not burden individuals and entities involved in the financial system with unnecessary and obtuse paperwork requirements.
Spokespeople for the Blockchain Association argued that signing these proposed rules into law would add 8 billion 1099-DA tax forms that must be processed, 4 billion hours in labor wasted to process the forms, and an annual compliance cost of $254 billion.
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Author: Vince Quill
