๐ Major Crypto Tax & Regulatory Updates
๐งพ New IRS Reporting Requirements for 2025
Starting January 1, 2025, the IRS mandates that brokers file Form 1099-DA for each digital asset sale. This change aims to enhance transparency and ensure taxpayers accurately report crypto transactions.
๐ง AICPA's Enhanced Guidance on Digital Assets
In response to evolving crypto regulations, the American Institute of CPAs (AICPA) has updated its practice aid, offering a new definition for digital assets and introducing new accounting terms.
๐๏ธ Increased IRS Enforcement
The IRS is intensifying its oversight of cryptocurrency transactions. With the introduction of new reporting forms and stricter compliance measures, it's crucial for investors to maintain accurate records and understand their tax obligations.
