H&R Block needs clear regulations before dealing with crypto taxes, CEO says

Published at: May 25, 2021

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 customers’ crypto holdings.

Answering tax-related questions on CNBC, H&R Block CEO Jeff Jones called crypto an interesting thing in terms of taxation:

“Because it’s not federally regulated, it’s really not a place we weigh in with consumers much.”

While the current regulatory state of crypto is muggy, Jones doesn’t expect a total crypto ban and expects crypto taxing to be a part of their business in the future:

“Ultimately, we think it could be a place we help customers. But today, it’s not a place where we do a lot of business.”

American regulatory bodies are rapidly working to figure out how to deal with cryptocurrency. Last week’s 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 won’t end up in a “Bitcoin ban.”

Tax lawyer Robert W. Wood summarized that “the IRS wants crypto tax data in a big way, from asking about crypto on each tax return to its latest Hidden Treasure initiative.”

The U.S. Department of Treasury recently released a report about tax proposals for President Joe Biden’s 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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Cryptocurrencies
Taxes
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