The Treasury Department and the IRS have released proposed regulations that would allow digital asset brokers to furnish required transaction statements to customers solely through electronic means.
The proposed regulations (REG-105064-25), issued March 5, would establish an alternative process for brokers to obtain customer consent to receive Form 1099-DA, Digital Asset Proceeds From Broker Transactions
President Trump has signed into law a bill that repeals Internal Revenue Service (IRS) regulations that required decentralized finance (DeFi) platforms to be treated as brokers for purposes of reporting customer transactions.
Continue Reading Congress Overturns IRS Reporting Rules for DeFi Platforms
On Jan. 16, 2024, the U.S. Treasury Department and the Internal Revenue Service (IRS) announced the delay of the requirement for persons engaged in a trade or businesses to report information related to the receipt of digital assets on IRS Form 8300, Report of Cash Payments Over 10,000 Received in a Trade or Business.
Pursuant
On Aug. 25, 2023, the Internal Revenue Service (IRS) and the Treasury Department issued proposed regulations (the Proposed Regulations) regarding the sales or exchanges of digital assets, including cryptocurrency. The Proposed Regulations relate to both information reporting requirements and the determination of amount realized, basis, and backup withholding.
To address the tax implications for taxpayers who stake cryptocurrency on a proof-of-stake blockchain and receive validation rewards, on July 21 the Internal Revenue Service (IRS) issued Revenue Ruling 2023-14.
On Aug. 15, 2022, a federal court in the Central District of California authorized the Internal Revenue Service (IRS) to serve a John Doe summons on OX Labs Inc. d/b/a SFOX and its subsidiaries (collectively, SFOX). SFOX is a cryptocurrency prime dealer for professional traders and institutional investors and has over 175,000 registered users.