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Internal Revenue Code (IRC) Reporting Requirements Brokers

Fenwick & West LLP

Senators Introduce Joint Resolution on Revoking DeFi Broker Reporting Regulations

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On January 21, 2025, Senator Ted Cruz (R-TX), writing for himself and Senators Cynthia Lummis (R-WY), Bill Hagerty (R-TN), Thomas Tillis (R-NC), Tim Sheehy (R-MT), and Ted Budd (R-NC), introduced a joint resolution to the...more

Cadwalader, Wickersham & Taft LLP

Finally Final Crypto Reporting Regulations

On June 28, 2024, the Treasury and the IRS released final regulations on reporting requirements for brokers of digital assets (the “Final Regulations”) and provided transitional relief, including Notice 2024-56, Notice...more

Seward & Kissel LLP

New IRS Tax Form for Digital Asset Broker Reporting

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The IRS released a draft of a new tax form, Form 1099-DA, that brokers will use to report proceeds from certain digital asset transactions. The draft Form 1099-DA can be found on the IRS website and below. The effective date...more

Nelson Mullins Riley & Scarborough LLP

Death, Taxes, and Crypto Reporting – The Three Things You Cannot Escape

The IRS released a draft of Form 1099-DA “Digital Asset Proceeds from Broker Transactions” in April which will require anyone defined as a “broker” to report certain information related to the sale of digital assets. The new...more

Cadwalader, Wickersham & Taft LLP

ABA Tax Section Comments on Proposed Crypto Broker Reporting Regulations

On December 20th, 2023, the American Bar Association Tax Section published detailed comments and recommendations (the “ABA Comments”) on the proposed crypto broker reporting regulations.  As discussed here, the New York State...more

Cadwalader, Wickersham & Taft LLP

Treasury Delivers Mother Lode of Tax Reporting Rules to the Crypto Industry’s Doorstep

On August 29, 2023, the IRS published detailed proposed regulations addressing digital asset broker reporting requirements (the “Proposed Regulations”). The Proposed Regulations elaborate on the 2021 changes to the Internal...more

Paul Hastings LLP

IRS Issues Proposed Regulations for Digital Asset Reporting

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The Internal Revenue Service and Treasury Department have issued long-awaited Proposed Regulations for parties that will be required to report transactions involving digital assets. These newly identified parties will need to...more

BakerHostetler

Digital Asset Broker Regulations Target DeFi Platforms and Payment Processors

BakerHostetler on

The Internal Revenue Service (IRS) and the Department of the Treasury issued a 282 page notice of proposed rulemaking regarding digital assets and broker reporting on Aug. 26 (the Proposed Regulations), nearly two years after...more

Nelson Mullins Riley & Scarborough LLP

Nelson Mullins Tax Report – Proposed Regulations on Information Reporting for Digital Asset Sales and Exchanges

On August 29, 2023, the Internal Revenue Service (IRS) issued new proposed regulations regarding reporting obligations for parties engaged in certain digital transactions.  The proposed regulations address the reporting...more

Sullivan & Worcester

Treasury and IRS Issue Proposed Regulations for Tax Reporting Requirements on Digital Asset Transactions

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On August 29, 2023, the Department of the Treasury and the Internal Revenue Service (“IRS”) published proposed regulations that, if finalized, would require brokers (including digital asset trading platforms, digital asset...more

Morgan Lewis

Digital Asset Brokers: Proceed with Caution

Morgan Lewis on

The IRS has effectively delayed the implementation of the new digital asset broker rules under Internal Revenue Code Sections 6045 and 6045A. The US Treasury Department (Treasury) and Internal Revenue Service (IRS) recently...more

Morrison & Foerster LLP

New Cryptocurrency Reporting Requirements

Morrison & Foerster LLP on

Through its recent passage of the Infrastructure Investment and Jobs Act (the “Act”), Congress resolved an open question regarding the extent to which cryptocurrency transactions should be subject to information reporting...more

Latham & Watkins LLP

US Infrastructure Law: Top Impacts on the Digital Asset Industry

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The industry will have two years to learn the new requirements and develop systems to ensure compliance. On November 15, 2021, President Biden signed the US$1.2 trillion Infrastructure Investment and Jobs Act into law...more

McDermott Will & Emery

Infrastructure Bill Provision Expands Cryptocurrency Reporting Requirements

On August 1, 2021, the US Senate unveiled the draft text of the Infrastructure Investment and Jobs Act (Bill), a highly anticipated $1 trillion infrastructure package negotiated by the White House and a bipartisan group of...more

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