The U.S. IRS steps up tax oversight of cryptocurrency; the tax filing deadline is April 15

Gate News update: On April 14, the U.S. Internal Revenue Service (IRS) is stepping up its crackdown on tax evasion related to cryptocurrency, focusing on new filing rules for the 2025 tax year. The IRS Criminal Investigation division has made cryptocurrency tax cases a priority; investors must proactively report the relevant transactions before the April 15 tax filing deadline. Starting in 2025, Form 1099-DA will for the first time require brokers to report the total proceeds from digital asset transactions to investors and to the IRS, but the cost basis must be calculated and verified by investors themselves. A report from a certain CEX and CoinTracker shows that about 61% of U.S. crypto investors are unaware of the new rules, and 52% worry that filing errors could lead to penalties. Experts recommend that investors collect all transaction records, report accurately, and avoid criminal penalties such as a maximum $100k fine and up to five years in prison.
Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.
Comment
0/400
No comments