IRS extends comment period on new crypto tax law until mid-November

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Cointime2023/10/25 08:30

By:Cointime

On October 25th, the US Internal Revenue Service extended the comment period for the new crypto tax law until November 13th. The proposed rules for 2026 will take effect and affect sales and transactions conducted in 2025. Previously, the US Treasury Department released a nearly 300-page proposed rule that defined "brokers" in the crypto industry and resolved years of uncertainty around tax reporting. Under the new rules, CEX, payment processors, some custodial wallet providers, some DEX, and individuals or entities that cash out issued crypto tokens will need to fulfill tax reporting obligations. The new rules also introduce a new tax form for newly designated brokers, resolving confusion around which tax form to use.

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