KPMG report: Information reporting for U.S. digital asset brokers

Requirements for a digital asset broker to file information returns and furnish payee statements that report gross proceeds on sales of digital assets

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August 21, 2024

The U.S. Treasury Department and IRS in July 2024 issued final regulations regarding information reporting under sections 6045 and 6050W, the determination of amount realized under section 1001 and basis under section 1012, and backup withholding under section 3406, for certain digital asset sales and exchanges. Read TaxNewsFlash

Read an August 2024 report prepared by KPMG LLP that provides an overview of the requirements for a U.S. digital asset broker to file information returns and furnish payee statements that report gross proceeds on sales of digital assets under the final broker digital asset reporting regulations.

 

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