oatawa | GettyAs the U.S. Department of the Treasury and IRS roll out proposed regulations for crypto tax reporting, experts say it's critical for investors to accurately report and track activity. Stemming from the 2021 federal infrastructure bill, the agencies on Friday unveiled the long-awaited tax reporting proposal for cryptocurrency, non-fungible tokens and other digital assets. It's part of a broader effort to "close the tax gap" and address crypto tax evasion, according to the Treasury. Similar to other tax forms, the regulations would require brokers to begin sending Form 1099-DA to the IRS and investors in January 2026, to report crypto activity from 2025. "But a lot of individuals are looking at six to seven figures, potentially, of crypto activity that they've never reported," he said.

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Persons: —, there's, Andrew Gordon, Alex Roytenberg, they've Organizations: Getty, U.S . Department of, Treasury, IRS, Gordon Law Group