The IRS implements new digital asset reporting standards to curb tax evasion

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Mars Finance reported on April 15 that, according to financefeeds, the U.S. Internal Revenue Service (IRS) officially implemented mandatory cost basis reporting rules for digital asset brokers on April 15, 2026. These rules apply to centralized exchanges, custodial wallet service providers, and some digital asset processing institutions.

Under the new rules, the relevant entities must submit Form 1099-DA to the IRS and taxpayers to record the sale and exchange of digital assets. The report said the IRS’s move is intended to narrow the space for underreporting capital gains on digital assets and to push crypto asset tax reporting standards toward those of traditional securities. For investors, this means they will need to more accurately keep records of the purchase price, time, and on-chain transaction details for each token.

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