U.S. Senate Hearing on Crypto Taxes Reveals Headaches for Both Industry and IRS

A top tax executive for U.S. crypto exchange Coinbase suggested to U.S. senators at a Wednesday hearing that the Internal Revenue Service is ill equipped to handle the kind of tax reporting already in the works under current rules and that may be produced in future regulations. "The IRS is probably unprepared today to endure or to absorb the amount of information that Coinbase alone will be providing," said Lawrence Zlatkin, vice president for tax at the exchange, during a Senate Finance Committee hearing ...