The post the new regulation on crypto taxes arrives appeared on BitcoinEthereumNews.com.

News regarding regulation for crypto taxes: the United States (USA) Department of the Treasury and the IRS have published the final regulations concerning the tax reporting of sales and exchanges of digital assets.  These regulations aim to facilitate taxpayers in submitting accurate declarations and in paying the taxes due according to the current law.  The new provisions represent a significant step towards greater transparency and tax compliance in the world of cryptocurrencies and other digital assets. Let’s see all the details below.  Tax regulation for crypto: clarity on taxes for US taxpayers  As anticipated, the United States Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) have published today the final regulations on the reporting requirements of the IIJA for digital asset brokers.  This is included in the broader context of the implementation of the Infrastructure Investment and Jobs Act (IIJA) by the Biden-Harris administration. These new regulations align the reporting requirements for digital assets with those long in place for traditional financial services, without introducing new taxes on digital assets.  Their main objective is to facilitate taxpayers in the submission of accurate declarations and the payment of taxes in accordance with existing legislation. According to the new regulations, brokers will be required to report the gross proceeds from the sale of digital assets starting in 2026 for all transactions that occurred in 2025.  Furthermore, starting from 2027, brokers will have to provide information on the taxable base for specific digital assets for sales that occurred in 2026. Aviva Aron-Dine, Assistant Secretary for Tax Policy, emphasized the importance of these changes by stating the following:  “Thanks to the bipartisan Infrastructure Investment and Jobs Act, investors and IRS will have improved access to the necessary documentation for accurate tax return filing. By implementing these reporting requirements, the final regulations will…

---

Filed under: News - @ July 1, 2024 9:22 am