New crypto reporting regs will generate information deluge
Crypto reporting enters a new phase on Jan. 1, 2025, the effective date for the new 1099-DA and finalized reporting regs. Brokers, traders, banks, wallet hubs and taxpayers are still trying to digest the regulations and decide what is necessary to comply.
“I think it’s flown under the radar for a lot of people,” said James Creech, a director in the tax advocacy and controversy practice of Top 10 Firm Baker Tilly. “But the fact that the IRS is now going to get information about the transactions, and how inaccurate the information will be, is really underappreciated at this point. There will be a lot of people who will realize, too late, that this has taken effect.”
And there is very little time to become familiar with the rules, which go…
