US Treasury Department, Internal Revenue Service unveil final regulations for digital assets
Date
6/30/2024 5:00:04 AM
(MENAFN) On Friday, the US Treasury Department and the Internal Revenue Service (IRS) unveiled final regulations outlining new tax reporting requirements for brokers handling transactions involving digital assets. According to the Treasury Department's announcement, these regulations mandate that cryptocurrency brokers must report gross proceeds from the sale of digital assets starting in 2026 for all transactions occurring in 2025.
In addition to reporting gross proceeds, brokers will also be obligated to provide information on the tax basis for specific digital assets, starting in 2027 for transactions conducted in 2026.
Acting Assistant Secretary for Tax Policy, Aviva Aron-Dine, emphasized the significance of these regulations in enhancing transparency and compliance within the digital asset market. She highlighted that the bipartisan Infrastructure Investment and Jobs Act played a pivotal role in enabling better documentation access for investors and the IRS alike, facilitating easier tax filing processes and enabling more effective enforcement against tax evasion by high-income investors.
The development of these final regulations followed a comprehensive review process, which included a public hearing and the careful consideration of over 44,000 comments in response to the proposed rules, as stated in the Treasury Department's announcement. These measures aim to streamline tax reporting procedures, ensure adherence to current tax laws, and bolster efforts to combat tax evasion in the burgeoning digital asset sector.
MENAFN30062024000045015839ID1108389837
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.