New IRS Regulations - Revenue Procedure 2024-28
The New IRS Regulations - Rev. Proc. 2024-28 provide guidelines for taxpayers to allocate the basis of digital assets, such as cryptocurrencies, across each wallet or accounts. This procedure offers a safe harbor to help taxpayers transition to new rules starting on January 1, 2025.
Rev Procedure 2024-28 By IRSCrypto Backoffice
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Why this is important?
With the growing importance of digital assets, this procedure is crucial for ensuring taxpayers properly report the cost basis for these assets. It helps avoid tax discrepancies and facilitates compliance with IRS regulations.
Taxpayers must comply with these guidelines to avoid potential penalties and ensure their digital asset holdings are reported accurately. The IRS is moving towards stricter enforcement with digital assets, especially due to the Infrastructure Investment and Jobs Act, which broadens the scope of IRS reporting to include digital assets.