US Senate to hold hearing on crypto taxes as IRS offers relief on corporate tax

The US Senate Finance Committee is holding a hearing on Wednesday on crypto asset taxation, following the IRS’s release of relief guidance on the Biden-era CAMT tax.

The US Senate Finance Committee will hold a hearing Wednesday on cryptocurrency taxation, a day after the Treasury Department and Internal Revenue Service (IRS) issued interim guidance easing corporate crypto tax rules.

The Treasury and IRS on Tuesday issued interim guidance aimed at easing compliance under the Corporate Alternative Minimum Tax (CAMT), including for companies operating in the digital assets sector.

Signed into law under former President Joe Biden as part of the Inflation Reduction Act of 2022, CAMT imposes a 15% minimum tax on the financial statement income of large corporations.

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