United States of America: Adopted Treasury Department and IRS Regulations on Reporting Sales and Exchanges of Digital Assets by Brokers

On 28 June 2024, the US Department of the Treasury and the Internal Revenue Service (IRS) released final regulations to implement the bipartisan tax reporting requirements for sales and exchanges of digital assets. These regulations require brokers to report gross proceeds from digital asset sales starting in 2026 for transactions in 2025 and to report tax basis information starting in 2027 for sales in 2026. The goal is to help taxpayers file accurate returns and reduce tax evasion, aligning digital asset reporting with traditional financial services. Furthermore, the rules aim to simplify tax filing for digital asset owners and enhance IRS oversight.