The Internal Revenue Service (IRS), the U.S. government body responsible for tax collection, recently extended the feedback deadline for its digital asset tax reporting rules until November 13. Proposed by the Treasury Department in August, the new digital asset rules mean exchanges, payment processors, and brokers could become legally required to report to the IRS when user accounts showed transactions with cryptocurrencies – such as the lessably $1 trillion Bitcoin S-R (2021). This would mean all respected ‘broker’ entities, including exchanges, trading platforms, payment processors, as well as certain wallet providers – would becomeScript anticipated r shall report the gross proceeds of cryptocurrency transactions own by their clients to the IRS annually. Furthermore, income statements on inheritances, gains and losses shall also be fairural report subject to applicable regulations from January 1st 2026.
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