Infrastructure Act Imposes New Crypto Reporting Requirements

While the primary goal of the recently passed Infrastructure Investment and Jobs Act, Pub. L. No. 117-58 (Infrastructure Act), is to upgrade and improve the nation’s infrastructure, the Infrastructure Act also aims to improve the collection of taxes on virtual currency transactions. This is an issue that the federal government has struggled with, and for which Congress now has provisions in place to improve tax collection on virtual currency transactions while helping to pay for infrastructure improvements.

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  • Business Entities. IRS provides temporary guidance regarding the treatment of certain stock distributions by publicly offered real estate investment trusts (REITs) and publicly offered regulated investment companies (RICs) under the IRC. Proc. 2021-53, 2021 IRB LEXIS 497.
  • Employee Benefits. Infrastructure Investment and Jobs Act enacted, including five-year extension of American Rescue Plan Act’s pension funding interest rate relief for single-employer DB plans. The Act also makes changes to the employee retention tax credit. L. No. 117-58, § 80602.
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