IRS Seeks Stakeholder Input on New Crypto Reporting Regulations

The IRS is actively seeking input from stakeholders on proposed cryptocurrency tax reporting measures until January 25, 2024. These regulations are part of the American Families Plan Act of 2023 and will target brokers and intermediaries in the crypto business. If implemented, crypto exchanges and brokers would be required to report transactions exceeding $10,000 to the IRS and maintain customer knowledge and detailed transaction records. The move comes as the IRS intensifies efforts to combat cryptocurrency tax fraud, with tax-related issues accounting for about half of digital asset investigations in the previous fiscal year. (Source: Coingecko.com)