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Treasury Releases Third-Party Crypto Compliance Findings

Oct. 1, 2020, 6:18 PM

The IRS is working on clarifying reporting rules for third-party disclosures of virtual currency transactions, according to an audit released Thursday by the Treasury Inspector General for Tax Administration.

TIGTA found that the IRS will need to close the information gap that has led to difficulty in identifying taxpayers with virtual currency transactions, pointing to the lack of third-party reporting. The audit found that as virtual currencies grow in popularity, there is a rising risk of noncompliance in reporting obligations.

  • The watchdog recommended that virtual currency exchanges be required to file Form 1099-B in order to disclose cryptocurrency transactions. ...

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