New Crypto Tax Legislation in the US
The US Treasury Department and the IRS have presented a draft of regulations aimed at streamlining tax reporting for cryptocurrency brokers.
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They are planning to roll out a designated 1099-DA reporting form to clarify tax obligations. Notably, the proposal extends its reach to decentralized exchanges, mandating them to collect and report details about their clients.
The proposal will be available for public feedback until October 30. The public hearings have been slated for November 7-8. If approved, the regulations will take effect in 2026, applying to transactions made in 2025.
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