Apr 16 • 🚨 IRS Alerts & Compliance
🚨 PARITY Act: Congress Wants to Change How Your Crypto Is Taxed
🚨 IRS ALERT — APRIL 16, 2026
A bipartisan bill called the PARITY Act was re-introduced in Congress last month and it could significantly change crypto tax rules for every investor in this community.
Here's what's in the bill and what it means for you:
• WASH SALE RULES COMING TO CRYPTO — The bill proposes closing the crypto wash sale loophole. Right now, you can sell crypto at a loss and immediately buy it back to claim the tax loss. If this passes, you'd have to wait 30 days before repurchasing, just like stocks. Tax-loss harvesting strategies would need to change.
• STAKING REWARDS — POTENTIAL 5-YEAR DEFERRAL — Miners and validators could elect to defer taxes on staking rewards for up to 5 years OR until they sell the asset. If you earn staking income, this is significant relief.
• STABLECOINS TREATED LIKE CASH — The bill would create a deemed-basis rule for regulated dollar-pegged stablecoins used for payments. Routine stablecoin transactions (like paying for goods or services) would no longer be taxable events.
• WASH SALE TRADEOFF — The bill gives significant relief (staking deferral, stablecoin clarity) in exchange for closing the wash sale loophole. For most long-term investors, this is a net positive.
My take as an EA: This bill is still in discussion draft form — it is NOT law yet. But it's bipartisan, which gives it real momentum. If you rely heavily on crypto tax-loss harvesting, now is the time to harvest losses BEFORE this potentially becomes law. Don't wait.
Questions? Drop them below 👇 or book a free call:
— Samuel Oduro, EA
Empower Capital | empowercapital.co
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🚨 PARITY Act: Congress Wants to Change How Your Crypto Is Taxed
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