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

The United States Internal Revenue Service (IRS) has extended the commentaries period for crypto tax reporting rules proposed in August 2023. The public consultation will last until Nov. 13. 

The “Gross Proceeds and Basis Reporting by Brokers and Determination of Amount Realized and Basis for Digital Asset Transactions” were made public on Aug. 29. According to the regulations, brokers will need to adopt a novel reporting form to streamline tax submissions and reduce instances of tax evasion.

The proposed Form 1099-DA would “help taxpayers determine if they owe taxes, and […] avoid having to make complicated calculations or pay digital asset tax preparation services to file their…

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