HJRES 25
Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to "Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales".
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Bill overview
This joint resolution aims to block the Internal Revenue Service (IRS) from implementing a new rule regarding reporting of gross proceeds from digital asset sales. The rule, which was published in December 2024, would have required brokers who facilitate digital asset sales to report certain information to the IRS. Congress is using the process of congressional disapproval to overturn this rule.
Key provisions
- Congress disapproves the IRS rule.
- The rule is deemed to have no legal effect.
- The resolution targets a specific IRS rule.
- It relates to reporting of digital asset transactions.
- It specifically addresses brokers facilitating digital asset sales.
Who is affected
- Internal Revenue Service (IRS)
- Brokers facilitating digital asset sales
- Individuals involved in digital asset transactions
Notable changes
- This action prevents the IRS from enforcing the reporting requirements outlined in the rule.
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119th CONGRESS — 1st Session
H. J. RES. 25
IN THE HOUSE OF REPRESENTATIVES
JOINT RESOLUTION
Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales
.
That Congress disapproves the rule submitted by the Internal Revenue Service relating to Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales
(89 Fed. Reg. 106928 (December 30, 2024)), and such rule shall have no force or effect.