Ledgible

If you recently heard that the #IRS has delayed 1099 crypto tax reporting regulations until 2026, unfortunately, that was a bit of incorrect reporting from many publications. Sales/exchanges of #digitalassets occuring in 2025 will be reportable by brokers on a Form 1099-DA in Q1 2026, gross proceeds reporting only. The IRS has not changed this date. Notice 2025-07 released this week was addressed to taxpayers, and not to brokers. The Notice does not give brokers more time to do anything (a "delay in implementation"). https://lnkd.in/ghcRfDcf #crypto #tax #accounting #compliance #bitcoin #regulation

🚨BROKER TAX REPORTING RULES ARE NOT DELAYED 🚨 Many crypto and mainstream publications have incorrectly reported that recent Notice 2025-7, TEMPORARY RELIEF UNDER SECTION 1.1012-1(j)(3)(ii), from the Internal Revenue Service has delayed broker tax reporting rules until 2026. This is not correct, the reporting requirements that went into effect January 1, 2025 (yesterday) remain in effect with first reporting in 2026 over 2025 digital asset sales/exchanges. This underscores why brokers need trusted experts, like our team at Ledgible, to help you cut through the misinformation, understand the actual tax code, and comply with the new tax information reporting requirements for #digitalassets.

The new reporting regulations for #DeFi are causing quite a reaction from the industry. We spoke to Bloomberg Tax to help the industry navigate these new rules. https://bit.ly/3BTky9t

The importance of understanding the role of the #digitalasset provider in determining various outcomes and their obligations under the final #regulations is crucial, so we've made the following diagram to help. Need more info? Read our full expert commentary here: https://bit.ly/401BnqC

Happy new year! 🎉  If you want to kick off your #2025 with some light reading, you don't want to miss the latest #DeFi reporting regulations from the Internal Revenue Service. If that doesn't sound like your ideal way to ring in the new year, then don't worry, the tax experts at Ledgible read all 115 pages and provided expert commentary here: https://lnkd.in/gkYc3rdt

Ledgible #tax experts sat down with Bloomberg News to discuss the latest #DeFi reporting #regulations from the Internal Revenue Service. https://bit.ly/3Ph0ot2

📅 Are you curious about timeline for digital asset broker regulations? 📅 We've compiled a comprehensive #crypto #tax #reporting timeline so your team can ensure your compliance operations stay up to date. #digitalassets See more in our expert analysis of the latest regulations: https://bit.ly/401BnqC

We spoke to Accounting Today about the latest #DeFi regulations: https://bit.ly/49YmSbM

Did you miss our recent webinar with KPMG and Thomson Reuters? Don't worry, you can still watch the recording on-demand! https://bit.ly/4gzsmwu

🚨 IRS relief via Notice 2025-07 for #CryptoTax and the movement from universal wallet to wallet-by-wallet cost basis record keeping. IRS has just released this email but the link to the PDF is broken. I will update here with details once they are available. UPDATE: The Notice link is now working. The majority of Rev. Proc. 2024-28 is still in place and timelines unchanged. The relief given is only applicable to assets held in custody a 1099-Broker which has not yet made available their Spec ID systems. Without this relief, taxpayers would have defaulted to FIFO for these asset disposals without any other way to make an "adequate identification" of the asset they wanted to sell. With the relief of Notice 2025-07, taxpayers can make an adequate identification in their own books and records similar to the requirement for self-hosted wallets but only until December 31, 2025 when brokers are expected to have their systems in place to accept Spec ID (though they are not required to offer it). https://lnkd.in/eWpmT6_Q #Crypto #Tax #IRS #DigitalAssets