IRS Proposes New Regulations for Digital Asset Sales and Exchanges, Aiming to Simplify Tax Filings and Reduce Cheating
Summary:
The U.S. Internal Revenue Service (IRS) has released proposals for new regulations on the sale and exchange of digital assets by brokers. These rules aim to simplify tax filings and reduce tax cheating. The regulations, if implemented, would take effect in 2026 and require the use of a new form.
The U.S. Internal Revenue Service (IRS) has proposed new regulations for brokers regarding the sale and exchange of digital assets. These rules aim to simplify tax filings and reduce tax cheating, requiring brokers to utilize a new form. The U.S. Treasury states that these regulations align digital asset reporting with reporting for other types of assets. These proposed rules are set to take effect in 2026 and will apply to sales and exchanges conducted in 2025. Public comments on the proposal are accepted until Oct. 30, with a public hearing scheduled thereafter.
Published At
8/28/2023 8:30:00 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.