A key set of crypto tax reporting rules is being delayed until further notice under a decision made by the United States Treasury Department. The rules were supposed to be effective in the 2023 tax filing year in accordance with the Infrastructure Investment and Jobs Act passed in November 2021.
The new law requires that the Internal Revenue Service (IRS) develop a standard definition of what a “cryptocurrency broker” is, and any business that falls under this definition is required to issue a Form 1099-B to every customer detailing their profits and losses from trades. It also requires these firms to provide this same information to the IRS so that it will be aware of customers’ incomes from trading.
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