Official announcements by the U.S. Treasury Department or IRS

Treasury and IRS Finalize Crypto Tax Reporting Rules for Brokers, DeFi Pending

Jun 28, 2024, 08:23 PM

The U.S. Treasury Department and the IRS have finalized new tax reporting rules for cryptocurrency brokers. This long-awaited move aims to combat tax evasion in the cryptocurrency markets. The new rule mandates that cryptocurrency brokers, including exchanges and payment processors, report users' sales and exchanges of digital assets to the IRS. However, the Treasury and IRS have not yet finalized rules pertaining to decentralized finance (DeFi) and non-custodial entities. The agencies are still working on defining how these entities might fit into the new reporting regime. The guidance follows a provision from the 2021 Infrastructure Bill.