- The US Department of the Treasury and the Internal Revenue Service (IRS) have released proposed regulations for digital asset reporting requirements added to the Internal Revenue Code (IRC) by the Infrastructure Investment and Jobs Act (IIJA) in 2021.
- The regulations primarily cover broker reporting of digital asset transactions and include IRC sections 6045, 1001, 1012, 3406, 6045A, 6045B, 6050W, 6721, and 6722.
- Brokers are required to report gross proceeds from sales of digital assets on or after January 1, 2025, and adjusted basis reporting for covered securities is proposed to phase in for sales on or after January 1, 2026.
- Written or electronic comments on the proposed regulations are due by October 30, 2023, with a public hearing scheduled for November 7, 2023.
- The proposed rules specifically exclude certain merchants and persons solely engaged in validating distributed-ledger transactions or selling hardware or licensing software.
Source Deloitte
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