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IRS extends comments period for new crypto tax rule to mid-November

Mike Ring
October 25, 2023

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IRS Proposes Crypto Tax Reporting Rules

The Internal Revenue Service (IRS) of the United States has extended the comment period for proposed crypto tax reporting rules. The proposed “Gross Proceeds and Basis Reporting by Brokers and Determination of Amount Realized and Basis for Digital Asset Transactions” were made public on August 29, and the public consultation will last until November 13, 2023.

The proposed form 1099-DA will help taxpayers determine if they owe taxes, and would avoid having to make complex calculations or pay digital asset tax preparation services to file their tax returns. The regulations would come into effect in 2026, and would impact sales and exchanges conducted in 2025.

Crypto Community Reacts to Proposed Rules

The proposed rules have been met with criticism from the crypto community. DeFi Education Fund CEO Miller Whitehouse-Levine called them “confusing, self-refuting, and misguided,” while Kristin Smith, the CEO of the Blockchain Association, highlighted the difference between the crypto ecosystem and traditional finance.

Paul Singh Grewal, Chief Legal Officer of the Coinbase crypto exchange, urged the crypto community to participate in the movement against the proposed regulations. If the proposed regulations become a law, he added, it would put digital assets at a disadvantage and threaten to harm a nascent industry.

United States Senate Weighs In

Meanwhile, members of the United States Senate have called on the Treasury Department and IRS to advance a rule “as swiftly as possible.” Elizabeth Warren, Bernie Sanders and five other Senators criticized a two-year delay in implementing crypto tax reporting requirements.

For expert assistance in managing your crypto tax obligations and to experience the peace of mind that comes with precise tax filing, don’t forget to explore our cutting-edge crypto tax preparation service. Your financial clarity and confidence start here.

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