This article provides an X link to an app that uses AI to assist one in submitting a challenge comment to a proposed IRS regulation that will require providing personal information for every crypto transaction:
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Here's the letter it generated for me:
Dear Internal Revenue Service and Treasury Department,
I am writing to express my concerns regarding the proposed regulations discussed in the PDF document titled "Gross Proceeds and Basis Reporting by Brokers and Determination of Amount Realized and Basis for Digital Asset Transactions." Specifically, I would like to address the issue of privacy and the potential risks associated with allowing numerous third parties access to sensitive financial data and personal information, such as social security numbers.
In today's digital age, privacy and data security are paramount concerns for individuals. The proposal to require brokers, including digital asset trading platforms, digital asset payment processors, and certain digital asset hosted wallets, to file information returns and furnish payee statements on dispositions of digital assets raises significant concerns about the safety of personal information.
Allowing multiple entities to access and store individual's financial data increases the likelihood of unauthorized access, data breaches, and the potential for identity theft. It is crucial to address these concerns and reassess the proposed regulations with a focus on protecting the privacy and security of taxpayers.
Furthermore, the sheer number of entities that would have access to personal information raises questions about the adequacy of oversight and enforcement capabilities. It is essential to ensure that these brokers, trading platforms, and payment processors have robust security measures and procedures in place to safeguard the data they collect.
I urge the Internal Revenue Service and Treasury Department to carefully consider the privacy implications of these regulations and take necessary steps to mitigate the risks associated with the proposed reporting requirements. Strengthening protective measures, implementing strict data retention policies, and establishing effective oversight mechanisms are vital to maintaining the trust and confidence of taxpaying individuals.
Thank you for considering my concerns and taking the necessary actions to prioritize privacy and data security in the proposed regulations. I look forward to a thorough evaluation and thoughtful response to address the issues raised.
Sincerely,
Keith Martin