More Changes Are on the Way for Cryptocurrency Tax Reporting

The crypto industry has faced a number of challenges over the past few months. In June, the price of bitcoin dropped to its lowest value in nearly two years, shaking confidence and leading to layoffs in platforms and supporting organizations.

Despite the setbacks, crypto is still huge—according to CoinMarket, the global crypto market cap is $1.1 trillion or more, depending on the day. That’s about three times as much as the total amount of US corporate taxes expected to be collected in 2022.

Early Efforts

Compared with those numbers, IRS ...