The Internal Revenue Service (IRS) is stepping up enforcement on cryptocurrency tax reporting as the April 15 deadline nears. A report by NS3.AI reveals that many investors are still unprepared for upcoming changes.
Starting in 2025, new rules will require crypto brokers to report transaction income directly to the IRS using Form 1099-DA. However, investors will still be responsible for calculating their own cost basis, which adds complexity to tax filing.
The report highlights a significant awareness gap—61% of U.S. crypto investors don’t fully understand these new requirements. Additionally, 52% are worried about making mistakes that could lead to penalties, showing growing concern as regulations tighten.
In short, while reporting systems are evolving, many investors remain underprepared, increasing the risk of errors and IRS action.
The Internal Revenue Service (IRS) is stepping up enforcement on cryptocurrency tax reporting as the April 15 deadline nears. A report by NS3.AI reveals that many investors are still unprepared for upcoming changes.
Starting in 2025, new rules will require crypto brokers to report transaction income directly to the IRS using Form 1099-DA. However, investors will still be responsible for calculating their own cost basis, which adds complexity to tax filing.
The report highlights a significant awareness gap—61% of U.S. crypto investors don’t fully understand these new requirements. Additionally, 52% are worried about making mistakes that could lead to penalties, showing growing concern as regulations tighten.#CryptoMarketRebounds #SECEasesBrokerRulesforCertainDeFiInterfaces #MarketCorrectionBuyOrHODL? #SECEasesBrokerRulesforCertainDeFiInterfaces #JustinSunVsWLFI