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Ultimately, crypto taxing could be part of the business, H&R Block CEO Jeff Jones added.
As the debate surrounding crypto regulations heats up, tax professionals are taking a more cautious approach to deal with Bitcoin (BTC) and other earnings. The United States-based tax preparation service company H&R Block is looking for more precise regulations before handling their customersâ crypto holdings.
Answering tax-related questions on CNBC, H&R Block CEO Jeff Jones called crypto an interesting thing in terms of taxation:
âBecause itâs not federally regulated, itâs really not a place we weigh in with consumers much.â
While the current regulatory state of crypto is muggy, Jones doesnât expect a total crypto ban and expects crypto taxing to be a part of their business in the future:
âUltimately, we think it could be a place we help customers. But today, itâs not a place where we do a lot of business.â
American regulatory bodies are rapidly working to figure out how to deal with cryptocurrency. Last weekâs market crash which saw about a 50% plunge on most coins seems to speed up the process.
Avanti Financial CEO Caitlin Long said a regulatory crackdown regarding crypto in the U.S. has begun. She took an optimistic stance on the regulatory work, claiming that it wonât end up in a âBitcoin ban.â
Tax lawyer Robert W. Wood summarized that âthe IRS wants crypto tax data in a big way, from asking about crypto on each tax return to its latest Hidden Treasure initiative.â
The U.S. Department of Treasury recently released a report about tax proposals for President Joe Bidenâs American Families Plan. The report proposes that crypto exchanges and custodians should inform the Internal Revenue Service about any crypto transactions greater than $10,000.
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