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DeFi Education Fund Sues IRS Over Tax Rules, APA Violations Alleged
The DeFi Education Fund has taken legal action against the United States Internal Revenue Service (IRS), contesting the agency’s newly released tax rules for decentralized finance. According to reports, the lawsuit claims that these regulations violate the Administrative Procedure Act (APA).
As per the allegations, the IRS’s new DeFi tax rules impose unlawful compliance burdens on developers and platforms in the space. The criticism has been levelled at the requirement that DeFi trading front-end service providers must maintain detailed records of user transactions and supply them to the IRS upon request.
In addition, users are expected to submit Form 1099 for tax reporting purposes. Critics argue that these compliance requirements will disproportionately affect software developers, who may not have the necessary infrastructure or expertise to implement such measures.
Source: cryptonewsland.com
