3 Takeaways From The IRS DeFi Tax Guidance
The IRS continues to issue guidance for crypto tax preparers
Toward the tail end of 2024 the IRS released the much-awaited rules that DeFi brokers and platforms will need to follow, following the extension of existing broker rules (under Section 6045) to centralized brokers. In essence the stated goals of these rule extensions and amendments ares to mandate that crypto brokers – whether operated on a centralized or decentralized basis – follow rules similar to those long followed by TradFi brokerages. Specifically some of the main drivers of these changes center around 1) seeking to crack down on illicit transactions taking place via DeFi platforms, and 2) to improve the transparency and traceability of said…
