KPMG reports: Impact of proposed U.S. broker digital asset tax reporting regulations on industry verticals (updated with new reports)

Custodial exchanges, NFT marketplaces, digital asset payment providers and processors, and online gaming marketplaces

Custodial exchanges, NFT marketplaces, and digital asset payment providers

Article Posted date 23 October 2023

The U.S. Treasury Department and IRS on August 25, 2023, released proposed regulations that set forth new digital asset tax information reporting requirements. Read TaxNewsFlash

The proposed regulations provide guidance on statutory amendments to broker reporting rules enacted as part of the “Infrastructure Investment and Jobs Act of 2023” and are issued principally under section 6045. The proposed regulations also include guidance under sections 6050W, 1001, and 1002.

KPMG LLP professionals from the Information Reporting & Withholding Tax Services practice have prepared a series of reports that discuss the impact of these regulations on certain industry verticals:

All articles can also be found on the KPMG Tax IRW Ops Quick Tips & Updates webpage.

 

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