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ARTICLE · 23 NOVEMBER 2023

Understanding The Latest IRS Proposed Regulations For Digital Assets

Buchanan Ingersoll & Rooney
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On August 29, 2023, the Internal Revenue Service (IRS) released proposed regulations regarding broker reporting for digital assets.

United StatesTechnology
Sahel Ahyaie Assar
Sahel Ahyaie Assar
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On August 29, 2023, the Internal Revenue Service (IRS) released proposed regulations regarding broker reporting for digital assets.1 These proposed regulations aim to clarify the definition of a "broker" and provide proposed guidance on information reporting, backup withholding, and determinations of basis and amount realized for transactions involving digital assets.

Acknowledging the growth and advantages of digital assets as both a payment method and investment or trading asset akin to fiat currency, the IRS while lauding innovation also recognizes the need for tax transparency and closing the tax gap. Aligning with the laws outlined in the Infrastructure Investment and Jobs Act,2 the proposed regulations take an initial and multiphase approach to finalizing broker reporting regulations for digital assets. It will expand the IRS's regulations over cryptocurrency reporting, and broadly modify existing broker reporting rules.

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