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Thursday, 30 June 2022

[New post] UPDATE: Crypto IRS, Mid-Year Markets and the Inflation Economy

Site logo image The D.E.A. ROGUE WARRIOR posted: " By Staff Reporters *** *** Under a law passed by Congress last November, cryptocurrency firms are supposed to begin recording their clients' detailed transaction data in 2023, with reports sent to the IRS and to investors the following year." The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants

UPDATE: Crypto IRS, Mid-Year Markets and the Inflation Economy

The D.E.A. ROGUE WARRIOR

Jun 30

By Staff Reporters

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Under a law passed by Congress last November, cryptocurrency firms are supposed to begin recording their clients' detailed transaction data in 2023, with reports sent to the IRS and to investors the following year. From the beginning, industry executives have pushed back, complaining that the legislation was drafted too broadly. Now, the Treasury Department and the Internal Revenue Service are likely to push off a January date for the firms to begin tracking data such as customers' capital gains and losses, according to anonymous insiders. The move would mean the tax agency waits longer to get the kind of data it gets for stocks or bonds.

Markets: After another boring trading session, stocks wait to complete the first half of 2022—which will come at 4pm ET today. And, the carnage from Bed Bath & Beyond is a result of the company reporting a big sales decline from the previous year and showing CEO Mark Tritton the door.

Economy: Fed Chair Jerome Powell and two other central bank chiefs spoke about their inflation-combating efforts at a conference in Portugal. All three acknowledged that recent economic shocks (COVID, the war in Ukraine) have upended how inflation was understood for decades. "I think we now understand better how little we understand on inflation," Powell said.

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