The U.S. Treasury Department finalized new rules requiring cryptocurrency brokers to report users' sales and exchanges to the IRS.
The U.S. Treasury Department has finalized new rules requiring cryptocurrency brokers to report users' sales and exchanges of digital assets to the Internal Revenue Service (IRS). These new requirements, part of the $1 trillion bipartisan 2021 Infrastructure Investment and Jobs Act, aim to crack down on crypto users who may be failing to pay their taxes. The rule will be phased in from next year for the 2026 tax filing season, aligning tax requirements for cryptocurrencies with existing reporting requirements for other financial instruments like bonds and stocks.
June 28, 2024
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