If the offers are accepted, crypto brokers will be required to provide transaction data in the form provided for financial institutions reporting investments in stocks and bonds. The updated reporting form will contain data on the gross profit of a trader received from operations with cryptocurrencies, NFTs and other digital assets. It will also be necessary to report the amounts of digital assets sold and the grounds for making transactions.
“Cryptocurrency brokers, including exchanges and payment systems, starting from January 1, 2025, will be required to report detailed information about the sale and exchange of digital assets to the IRS,” the draft tax document says.
In the comments to the proposal of the supervisory authorities, it is reported that the introduction of new reporting forms will solve some of the problems associated with tax evasion in the field of crypto assets, and will also serve the purpose of “eliminating the tax gap”. Written or electronic comments are expected to be received by regulators by October 30th. A public hearing on the proposed tax ruling is scheduled for November 7, 2023.
Earlier, the advocacy group Coin Center asked US lawmakers to establish clearer rules for regulating digital assets, as well as limit the powers of fiscal agencies to prosecute alleged tax evaders.
Source: Bits

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