IRS Requirements For Crypto and Digital Assets

IRS Requirements for finalized Digital Asset regulations

On 28th June, 2024, the IRS notified the world of their finalized Digital Asset regulations for brokers' guidance to report sales and exchanges of digital assets.

While we had originally presumed that there would be an impact to FATCA; including adding a reporting requirement of gross proceeds to non-US accounts, the final regulations have clarified things greatly. The new regulations brought clear rules and timelines for those in the digital asset world.
 

TAINA’s Compliance and Tax Reporting Expert, Sean Sutton, has compiled an informative and thought-provoking whitepaper on the implications of the IRS Digital Asset Regulations Requirements.

Throughout this whitepaper, Sean will answer your burning crypto regulation and reporting questions including:

• Who is the Impacted Broker?

• What  are the Due Diligence Updates?

• When is Backup WIthholding Required?

• What is the Crypto Asset Reporting Framework (CARF) Impact?

At TAINA we continue to monitor the crypto regulatory landscape. To find out more information on the recent crypto regulation changes fill in the form to download the whitepaper below or, get in touch with us today.