The U.S. Treasury Department and the IRS have released final regulations on the bipartisan Infrastructure Investment and Jobs Act’s (IIJA) reporting requirements for brokers of digital assets.
The IIJA created reporting requirements, like those that already applied to traditional financial services, to help taxpayers file accurate returns and pay taxes owed under current law. It did not impose any new taxes on digital assets.
“Because of the bipartisan Infrastructure Investment and Jobs Act, investors in digital assets and the IRS will have better access to the documentation they need to easily file and review tax returns,” Acting Assistant Secretary for Tax Policy Aviva Aron-Dine said.
The final regulations announced on June 28 will require brokers to report gross proceeds on the sale of digital assets beginning in 2026 for all sales in 2025. Brokers will be required to also report information on the tax basis for certain digital assets beginning in 2027 for sales in 2026.
The regulations will ensure that owners of digital assets receive the information they need from brokers to file their taxes more accurately and less expensively and that the IRS has the information needed to address the tax evasion risks posed by digital assets.
“By implementing the law’s reporting requirements, these final regulations will help taxpayers more easily pay taxes owed under current law while reducing tax evasion by wealthy investors,” Aron-Dine said.
Treasury and IRS said they anticipate issuing additional rules later this year to establish reporting requirements for non-custodial brokers consistent with statutory requirements.