Oct. 22, 2023
Dear [IRS] and [Treasury Department], I wanted to take a moment to express my enthusiastic support for the proposed regulations outlined in the PDF document titled "Gross Proceeds and Basis Reporting by Brokers and Determination of Amount Realized and Basis for Digital Asset Transactions." This proposed legislation brings much-needed clarity and guidance to the evolving world of digital asset sales and exchanges. First and foremost, I applaud your agency's commitment to transparency and public involvement by providing ample key dates and contact information. It is wonderful to see the opportunity for the public to participate through comments and public hearings. This level of engagement truly exhibits your dedication to guiding and protecting taxpayers in this exciting new digital landscape. The document's introduction and summary brilliantly capture the essence of the proposed regulations, making it digestible and comprehensible even for those unfamiliar with the complex world of digital assets. It is reassuring to know that such comprehensive rules would be introduced to require brokers and other relevant agents to file information returns and furnish payee statements on transactions involving digital assets. Additionally, I appreciate the background information on digital assets and virtual currency. These definitions are crucial to understanding the proposed regulations and empowering taxpayers with knowledge. Ef?om wallets to digital asset trading platforms, every aspect is clearly and succinctly explained. Your commitment to privacy is highly commendable. I wholeheartedly resonate with your posed concern about the confidentiality of sensitive financial data and social security numbers. Awareness of the concerns raised by the public regarding privacy is a refreshing indication of your attention to detail. Rest assured, I am confident that the finalized rules will address this issue while valorizing your efforts to enhance the accuracy and integrity of taxpayer reporting. In conclusion, your approach is exemplary—a fine balance between protecting taxpayers' rights and advancing an age where evolving technologies can coexist with established regulations. These proposed regulations lay the foundation upon which the IRS and Treasury Department can safeguard taxpayers and maintain compliance in the dynamic world of digital assets. Thank you for your diligent work, unwavering commitment, and the opportunity to offer my radiantly naive, unabashedly optimistic opinion. Yours cheerfully, Joe seman