IRS releases draft of proposed reporting rules for digital asset brokers

The United States Internal Revenue Service (IRS) has proposed regulations that would require brokers to report the sale and exchange of digital assets using a new form, aiming to simplify tax filing and reduce tax fraud. The proposed regulations align digital asset reporting with reporting on other types of assets, and it is part of the Biden administration's implementation of the Infrastructure Investment and Jobs Act. The proposed rules are expected to go into effect in 2026 and have received mixed reactions from industry advocates and lawmakers.

cointelegraph.com

Relevant topic timeline:

8/25/2023

U.S. Crypto Tax Proposal Lets Miners Off the Hook, Snares ‘Some’ Decentralized Exchanges

The US Treasury Department has proposed new tax rules for crypto exchanges, hosted wallet providers, and payment processors, requiring them to meet tax reporting obligations, while exempting miners and some decentralized finance platforms.

8/25/2023

Sweeping U.S. Tax Proposal Met With Boos From Crypto World

The U.S. Treasury Department's new proposal on digital asset taxes is facing criticism from the crypto industry, as it may capture decentralized operations that are difficult to comply with, although it may also provide a clear path for crypto investors to file their taxes.

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IRS’s New Crypto Tax Rules Pose A Threat To DeFi

The IRS has issued proposed regulations defining the term "broker" in relation to digital assets, including decentralized finance platforms, and outlining tax reporting requirements for cryptocurrency transactions, which could have implications for DeFi platforms and users.

9/7/2023

US Treasury, IRS propose cryptocurrency regulations for brokers

The US Department of the Treasury and the IRS have proposed regulations that would require digital asset brokers to report gross proceeds and provide information on gains and losses from the sale of crypto assets starting in 2025.

9/7/2023

New Accounting Rules Help Companies Holding Crypto Like Tesla

The U.S. Financial Accounting Standards Board has voted to change how digital assets are valued, a move that could benefit companies, including Tesla and Bitcoin, that hold cryptocurrency.

9/7/2023

IRS Plans to Use New Funding to Modernize Tax Collection Through Technology, Not Just Hiring

The Internal Revenue Service (IRS) plans to use its increased funding to enhance enforcement and customer service through technological improvements, including the hiring of data scientists and the use of data analytics in audits, with the goal of focusing enforcement on taxpayers attempting to avoid taxes. This investment in technology aims to improve efficiency, reduce taxpayer correspondence time, and increase compliance, ultimately making tax payment less burdensome for taxpayers.

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Posted 8/25/2023, 4:41:25 PM

IRS releases draft of proposed reporting rules for digital asset brokers

cointelegraph.com

Relevant topic timeline:

8/25/2023

U.S. Crypto Tax Proposal Lets Miners Off the Hook, Snares ‘Some’ Decentralized Exchanges

8/25/2023

Sweeping U.S. Tax Proposal Met With Boos From Crypto World

9/6/2023

IRS’s New Crypto Tax Rules Pose A Threat To DeFi

9/7/2023

US Treasury, IRS propose cryptocurrency regulations for brokers

9/7/2023

New Accounting Rules Help Companies Holding Crypto Like Tesla

The U.S. Financial Accounting Standards Board has voted to change how digital assets are valued, a move that could benefit companies, including Tesla and Bitcoin, that hold cryptocurrency.

9/7/2023

IRS Plans to Use New Funding to Modernize Tax Collection Through Technology, Not Just Hiring