IRS Cryptocurrency Reporting: New Guidance Complicates Rules but Offers Temporary Safe Harbor for Taxpayers
Cryptocurrency has become increasingly popular in the U.S. as an investment and transaction method. As its use grows, the IRS has introduced complex reporting requirements for taxpayers. Recent guidelines, such as Revenue Procedure 2024-28 and Notice 2025-7, clarify the responsibilities for cryptocurrency owners, detailing how these digital assets are taxed and reported. Cryptocurrencies are treated ...
