- The US Treasury and IRS have proposed regulations for reporting on digital asset sales and exchanges, which would require companies to file information returns and furnish payee statements.
- The regulations would define digital assets subject to reporting, expand the definition of “broker,” and propose tax rules for digital asset transactions.
- Feedback is being solicited on over 100 specific matters, and the reporting requirements are proposed to become effective for sales and exchanges of digital assets on or after January 1, 2025.
- Companies should review the proposed regulations and assess their information reporting systems in order to comply if the regulations are adopted as proposed.
Source PwC
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