On 13 November 2023, the US Department of the Treasury (Treasury Department) and the Internal Revenue Service (IRS) closed the public consultation on the proposed regulations on reporting digital asset sales by brokers. The IRS extended the consultation deadline from 30 October 3023 to 13 November 2023. The regulations require brokers to report specific details of digital asset sales and exchanges, aligning them with reporting standards for securities and financial instruments. Furthermore, the proposed regulations aim to simplify tax reporting for taxpayers and promote consistency across asset types, introducing a new Form 1099-DA to help taxpayers calculate their tax obligations accurately. These rules would begin applying to sales and exchanges of digital assets in 2025, with the first reporting year being 2026.
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