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ARTICLE · 19 JULY 2024

Through The Looking Glass: US Internal Revenue Service Finalizes Cryptocurrency Tax Reporting Regulations

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In August 2023, the US Internal Revenue Service ("IRS") proposed regulations to fulfill the Congressional mandate to require US tax reporting of digital asset transactions by brokers and other intermediaries.

United StatesTechnology
Mark Leeds
Mark Leeds
Don F. Irwin
Don F. Irwin
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In August 2023, the US Internal Revenue Service ("IRS") proposed regulations to fulfill the Congressional mandate to require US tax reporting of digital asset transactions by brokers and other intermediaries.1 After evaluating more than 44,000 comments, the IRS has reworked the proposed regulations and issued them in final form. The final regulations were published in the Federal Register on July 9, 2024, and will generally be effective for transactions undertaken in 2025 and thereafter. This means actual reporting must be made beginning in 2026. This Legal Update updates our 2023 Legal Update on the proposed regulations and summarizes, in Q&A format, the key takeaways from the final regulations and the changes from the proposed regulations.

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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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