The reporting requirements, aimed at reducing the size of the tax gap, were scheduled to take effect in January 2023, with crypto firms sending reports to the IRS starting in 2024.
The provision in the US infrastructure bill signed into law in November, which will require financial institutions and crypto brokers to report additional information, could reportedly be delayed.According to a Wednesday report from Bloomberg, the United States Department of the Treasury and Internal Revenue Service may not be willing to enforce crypto brokers collecting information on certain transactions starting in January 2023, citing people familiar with the matter.