Reported 12 months ago
The U.S. Treasury Department has finalized a rule that will require cryptocurrency brokers to report information on users' sales and exchanges of digital assets to the IRS, aligning tax requirements for cryptocurrencies with those for other financial instruments. The rule, stemming from the $1 trillion Infrastructure Investment and Jobs Act, aims to ensure crypto users pay their taxes and is expected to bring in close to $28 billion over a decade. Brokers will need to report transactions involving stablecoins over $10,000, and a new tax form, Form 1099-DA, will aid taxpayers in determining their tax obligations.
Source: YAHOO