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BTCUSDT +0.01%
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ETHUSDT +0.00%
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TRXUSDT +0.10%
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DOTUSDT +0.07%
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U.S. Treasury Department Creates New Cryptocurrency Tax Reporting Standards
"JPMorgan expects new spot Ethereum ETFs to attract $1bn-3bn of net inflows for
the rest of 2024 "
What do you think of Bitcoin today?
Macroeconomics: Introduction to Fiscal and Monetary Policy
IJEX Exchange Cryptocurrencies News More
2024-06-28U.S. Treasury Department Creates New Cryptocurrency Tax Reporting
Standards
The U.S. Treasury Department announced Friday that new rules have been
introduced that require cryptocurrency brokers to report users’ digital asset
sales and transactions to the Internal Revenue Service (IRS). The rules follow
the bipartisan passage of the $1 trillion Infrastructure Investment and Jobs Act
of 2021, which estimates that the new approach will generate about $28 billion
in revenue over the next 10 years.
 
The reporting requirements will be phased in next year and will apply to the
2026 tax filing season, a move designed to bring cryptocurrency tax reporting in
line with current standards for other financial instruments such as bonds and
stocks. The final rule tweaks the initial proposal to reduce the burden on
brokers and introduce more gradual changes.
 
The new rule also sets a reporting threshold of $10,000 for transactions
involving stablecoins, with the Treasury Department responding to concerns from
the cryptocurrency industry about the broad definition. By reviewing more than
44,000 comments and amending the rule accordingly, we made changes to the
original proposal regarding brokers and privacy issues.
 
The Treasury Department also announced the introduction of Form 1099-DA, a new
tax reporting form designed to simplify the process for cryptocurrency users to
determine whether they owe taxes.
 
While the Treasury Department has finalized this rule, it has indicated that it
plans to issue more regulations later this year. These determine the tax
reporting requirements for non-custodial brokers. Including decentralized
exchanges
 
Currently, the IRS requires cryptocurrency users to report various digital asset
transactions on their tax returns, regardless of whether they generate profits.
Under the new regulations, brokers will be responsible for submitting the
required forms to the IRS and digital asset holders. This will help with tax
preparation.
 
Reuters contributed to this article.
View Details>
Crypto payment platform wyre collapses and sells assets2023-06-19
SEC lawsuits against Binance and Coinbase could impact the U.S. legal and
political system for years to come2023-06-18
Detailed content analysis of the SEC’s hearing on BinanceUS’s
prosecution2023-06-15
COMBO, a provider of scaling solutions for Web3 game development, launches US$80
million ecosystem foundation2023-06-04
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IJEX Exchange Global Professional Station, an innovative digital asset trading
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provides more than 40 digital asset product trading and investment services.
Headquartered in the United States, it is operated by the IJEX Exchange global
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U.S. Treasury Department Creates New Cryptocurrency Tax Reporting Standards
"JPMorgan expects new spot Ethereum ETFs to attract $1bn-3bn of net inflows for
the rest of 2024 "
What do you think of Bitcoin today?
Macroeconomics: Introduction to Fiscal and Monetary Policy
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