ARTICLE · 27 JANUARY 2023

Back To The Future ... Cryptocurrency Tax Reporting

Hogan Lovells Cadwalader

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Hogan Lovells Cadwalader

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As amended by the Act, Sections 6045 and 6045A impose mandatory tax reporting requirements for brokers of certain digital asset transactions entered into after December 31, 2022.

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Hogan Lovells Cadwalader

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The cryptocurrency industry may be breathing a sigh of relief following the release of recent IRS guidance on cryptocurrency tax reporting, which effectively postpones the January 1, 2023 effective date of the digital asset broker rules and reporting obligations enacted by the 2021 Infrastructure Investment and Jobs Act (the "Act") under Sections 6045 and 6045A. See Announcement 2023-2 (the "Announcement") linked here. While this effective delay may be good news for cryptocurrency market participants potentially subject to these reporting rules, retail cryptocurrency investors may not receive IRS Form 1099-Bs covering their cryptocurrency investments this tax season and so may need to continue to make do with the improvised system that the cryptocurrency industry has implemented in past years.

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Back To The Future ... Cryptocurrency Tax Reporting

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