Tax Code Section 6050I and 'Digital Assets': This Overlooked Surveillance and Reporting Mandate Should Be Struck from the [2021] Infrastructure Bill

Proof of Stake Alliance Research Report (2021)

14 Pages Posted: 28 Jun 2022

See all articles by Abraham Sutherland

Abraham Sutherland

University of Virginia School of Law

Date Written: September 17, 2021

Abstract

An overlooked provision — an amendment to tax code section 6050I — in the 2021 infrastructure spending bill will make receiving digital assets a felony if not reported correctly. This provision, which applies to all Americans who receive any kind of digital asset in the course of their trade or business, has thus far escaped public or congressional scrutiny.

Keywords: Bank Secrecy Act, 6050I, 26 USC 6050I, bitcoin, digital assets, cryptocurrency, tax law

JEL Classification: K02, K34

Suggested Citation

Sutherland, Abraham, Tax Code Section 6050I and 'Digital Assets': This Overlooked Surveillance and Reporting Mandate Should Be Struck from the [2021] Infrastructure Bill (September 17, 2021). Proof of Stake Alliance Research Report (2021), Available at SSRN: https://ssrn.com/abstract=4137761

Abraham Sutherland (Contact Author)

University of Virginia School of Law ( email )

580 Massie Road
Charlottesville, VA 22903
United States

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