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Everybody's - 2 James Creech - 2 Baker Tilly - 2 Danny Werfel - 1 Eric Hylton - 1 John Doe - 1 Hylton - 1
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☆ What the new IRS guidance on crypto tax reporting means for investors
  + stars: | 2024-07-01 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +1 min
The U.S. Department of the Treasury and IRS on Friday released final tax reporting rules for digital asset brokers — and crypto investors have limited time to prepare, experts say. Mandatory yearly reporting will phase in starting in 2026, with digital currency brokers required to cover gross proceeds from sales in 2025 via Form 1099-DA. In 2027, brokers must include cost basis, or purchase price, for certain digital asset sales for 2026. "These regulations are an important part of the larger effort on high-income individual tax compliance," IRS Commissioner Danny Werfel said in a statement. The new IRS regulations come roughly four months after the agency hired two former crypto executives to improve digital currency service, reporting, compliance and enforcement programs.
Persons: Danny Werfel, Everybody's, James Creech, Baker Tilly Organizations: U.S . Department of, Treasury, IRS, Finance, Taxation, CNBC Locations: U.S
☆ Tax pros brace for ‘tidal wave’ of crypto tax scrutiny from the IRS. What investors need to know
  + stars: | 2024-03-04 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +1 min
As the IRS bolsters its cryptocurrency expertise, tax professionals are bracing for increased scrutiny of digital currency. The IRS announced it hired two former crypto executives to beef up its digital currency service, reporting, compliance and enforcement programs. "Everybody's been waiting for the tidal wave of this enforcement activity," said James Creech, an attorney and senior manager at accounting firm Baker Tilly. More from Personal Finance:IRS targets wealthy 'non-filers' with new wave of compliance letters4 red flags for an IRS tax audit — and how to avoid the 'audit lottery'IRS aims to close 'inequity gap' for unpaid taxes. These actions will trigger a "significant amount" of crypto enforcement, said Hylton, who is a former IRS commissioner for the agency's small business and self-employed division.
Persons: Everybody's, James Creech, Baker Tilly, Eric Hylton, John Doe, Hylton Organizations: IRS, Finance, Alliantgroup
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