A joint statement from the Treasury Department and the IRS states that the new rules introduce the 1099-DA reporting form. The Treasury reviewed more than 44,000 proposals before introducing the new reporting form, officials say. And they emphasize: owners of cryptocurrencies “have always been required to pay tax on the sale or exchange of digital assets.”
“The new rule simply created a formal reporting requirement to encourage taxpayers to accurately report their taxes and pay their taxes on time in accordance with applicable law,” the regulators said in a statement.
The new reporting requirements for cryptocurrency transactions are a result of the Infrastructure Investment and Jobs Act of 2021. The new rules are expected to generate about $28 billion in tax revenue for the U.S. budget over a decade.
Under the law, effective January 1, 2024, taxpayers engaged in a trade or business were required to begin reporting receipts of financial assets, including digital assets, if the value exceeded $10,000.
Source: Bits

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