Brokers are not required to report additional information with respect to dispositions of digital assets until the issuance of final regulations, the IRS and Treasury announced on Friday, Dec. 23.
The Infrastructure Investment and Jobs Act, enacted last year, amended provisions in sections 6045 and 6045A of the tax code to clarify and expand the rules for reporting information on digital assets by brokers.
However, brokers are still required to comply with existing laws and regulations, according to the IRS.
The transitional guidance only applies to information returns filed or furnished by brokers. In contrast, taxpayers still must report any income they receive from transactions involving digital assets. Learn more.