US Treasury, IRS propose cryptocurrency regulations for brokers
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Brokers referred to as “digital asset middlemen” must report gains/losses from crypto sales starting in 2026.
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Regulations aim to deliver "higher levels of taxpayer compliance" as IRS gets clarity on income.
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Public hearing on regulations scheduled for Nov 7, 2023.
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Regulations require brokers to file 1099-DA forms and provide payee statements.
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US Government Accountability Office report calls for stricter crypto regulations to mitigate risks.
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