House committee advances digital asset, EFIN and gambling tax bills
The House Ways and Means Committee passed three tax bills on digital assets, EFIN verification, and gambling loss deductions.Summary
The House Ways and Means Committee advanced three tax bills in a markup session. The Digital Asset Tax Certainty Act aims to reform cryptocurrency taxation, providing parity with traditional assets and establishing a voluntary disclosure program. The EFIN Verification Act requires validation of Electronic Filing Identification Numbers to prevent tax fraud. The FULL HOUSE Act restores the full 100% deduction for gambling losses against winnings. These bills passed with bipartisan support but are unlikely to become law before the midterm elections, as Congress is adjourning early. The committee's actions come amid broader legislative efforts in the crypto industry, including the recent failure of the Clarity Act in the Senate.
(Source：Accounting Today)