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【《We Chinese in AmericaMedia Editor Tang Zhao, December 25, 2022As an ongoing effort to enhance our valuable service to We Chinese in America website readers, We Chinese in America website posts English and Chinese versions of “IRS News Release” “IRS Fact Sheets” and “tax tips” directly received from IRS Media Relations Office in Washington, D.C.. We are pleased to take on this important role partnering with IRS to better inform the public.

Treasury, IRS provide transitional guidance for broker reporting on digital assets 

 

WASHINGTON — The Treasury Department and Internal Revenue Service announced today that brokers are not required to report additional information with respect to dispositions of digital assets until final regulations are issued under sections 6045 and 6045A.

The Infrastructure Investment and Jobs Act (Infrastructure Act), enacted in 2021, amended provisions in sections 6045 and 6045A to clarify and expand the rules regarding the reporting of information on digital assets by brokers. Brokers are still required to comply with existing laws and regulations. Further details are in Announcement 2023-2, posted today on IRS.gov.

This transitional guidance applies only to information returns filed or furnished by brokers. In contrast, taxpayers are still required to report any income they receive from transactions involving digital assets. They are also required to answer the digital asset question on page 1 of either Form 1040 or Form 1040-SR. See the instructions to these forms for details.

For more information, including a set of frequently-asked questions, visit the Digital Assets page on IRS.gov.

Source: IRS News Release

Internal Resource Service

Media Relation Office

Washington, D. C

Media Contact: 202 317 4000

Public Contact: 800 829 1040

www.IRS.GOV/NewsRoom

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