U.S. Department of the Treasury, IRS Release Final Regulations Implementing Bipartisan Tax Reporting Requirements for Sales and Exchanges of Digital Assets

Regulations help taxpayers file accurate returns and pay taxes already owed under current law.WASHINGTON – As part of the Biden-Harris Administration’s implementation of the bipartisan Infrastructure Investment and Jobs Act (IIJA), the U.S. Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) today released final regulations on the IIJA’s reporting requirements for brokers of digital assets, which align these requirements with longstanding reporting requirements for traditional financial services. Owners of digital assets have always owed tax on the sale or exchange of digital assets, and the IIJA did not change that or impose any new taxes on digital assets.