01-11-25 CFC News AM

The IRS has rolled out new tax reporting requirements for cryptocurrency transactions, aiming to close the gap on unreported earnings. Starting this year, exchanges must issue detailed 1099 forms for all U.S.-based users, making it easier for the agency to track crypto gains and losses. While this move is hailed as a step toward mainstream acceptance, some investors worry about increased scrutiny and potential penalties for past non-compliance.

Experts advise crypto holders to carefully track their transactions to avoid surprises during tax season. Tools like crypto tax software and detailed portfolio management can simplify the process. For seasoned and new investors alike, this development underscores the importance of staying informed about regulatory changes.

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Fun Fact Of The Day

The IRS first provided guidance on how to report cryptocurrency on taxes in 2014, but only 0.04% of taxpayers reported crypto-related gains or losses that year